1 FINAL TERMS 30 June 2015 SecurAsset S.A. acting through its Compartment BNL-9155 Issue of up to EUR50,000,000 Series BNL-9155 Certificates due July 2018 linked to a basket of two shares (the "Certificates") guaranteed by Banca Nazionale del Lavoro S.p.A. under the 20,000,000,000 Secured Note, Warrant and Certificate Programme PART A - CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth under the heading "Terms and Conditions of the Certificates" in the Base Prospectus dated 27 November 2014 (the "Base Prospectus") which constitutes a base prospectus for the purposes of the Prospectus Directive and the Prospectus Act This document constitutes the Final Terms of the Certificates described herein for the purposes of article 5.4 of the Prospectus Directive and article 8.4 of the Prospectus Act 2005 and must be read in conjunction with the Base Prospectus (which includes the provisions of Annex 1 and Annex 3) and any Supplement(s) to such Base Prospectus published prior to the Issue Date (as defined below) (the "Supplements"); provided, however, that to the extent any such Supplement (i) is published after the date of these Final Terms and (ii) provides for any change to the Conditions as set out under the heading "Terms and Conditions of the Certificates" in the Base Prospectus, such change(s) shall have no effect with respect to the Conditions of the Certificates to which these Final Terms relate. Full information on the Issuer, the Guarantor (if applicable) and the offer of the Certificates is only available on the basis of the combination of these Final Terms, the Base Prospectus and any Supplement(s). Prior to acquiring an interest in the Certificates described herein, prospective investors should read and understand the information provided in the Base Prospectus and any Supplement(s). Copies of the Base Prospectus, any Supplement(s) and these Final Terms are available for inspection from the specified office of the Principal Warrant and Certificate Agent, and will be published on and, during the Offer Period, on the website of Banca Nazionale del Lavoro S.p.A. as distributor of the offer (www.bnl.it). These Final Terms relate to the series of Certificates as set out in "Specific Provisions for each Series" below. References herein to "Certificates" shall be deemed to be references to the relevant Certificates that are the subject of these Final Terms and references to "Certificate" shall be construed accordingly.
2 - 2 - SPECIFIC PROVISIONS FOR EACH SERIES SERIES NUMBER NO. OF CERTIFICATES ISSUED ISIN COMMON CODE ISSUE PRICE PER CERTIFICATE EXERCISE DATE BNL-9155 Up to 500,000 XS EUR100 Redemption Valuation Date GENERAL PROVISIONS The following terms apply to each series of Securities: 1. Trade Date: 28 July Issue Date: 31 July Consolidation: 4. Type of Certificates: The Certificates are Share Linked Certificates. Exercise of Certificates applies to the Certificates. The Exercise Date is the Redemption Valuation Date. The Exercise Settlement Date is the Redemption Date. 5. (i) Guaranteed Certificates: Applicable BNL Guarantee. The provisions of Annex 1 and the provisions of Annex 3 (Additional Terms and Conditions for Share Linked Securities) shall apply. (ii) Guarantor: Banca Nazionale del Lavoro S.p.A. 6. Aggregate Notional Amount: (i) Series: An amount not greater than EUR50,000,000 which will be notified by the Calculation Agent to the Issuer on the Trade Date. (ii) Tranche: See paragraph 6(i). 7. Form of Certificates: Clearing System Global Certificate. 8. Additional Business Centre(s): 9. Financial Centre(s) (Condition 6(a)(ii)): TARGET Settlement Day. 10. Redemption Date: 31 July Settlement: Settlement will be by way of cash payment ("Cash Settled Certificates"). Condition to Final Payout Premium: 12. Rounding Convention for Final Redemption Amount:
3 Variation of Settlement: (i) Issuer's option to vary settlement: (ii) Variation of Settlement of Physical Delivery Securities: The Issuer does not have the option to vary settlement in respect of the Certificates. 14. Calculation Amount: EUR The order of priority of payments made by the Issuer: Swap Counterparty Priority. PROVISIONS RELATING TO REDEMPTION 16. Final Redemption Amount: SPS Final Payout Auto-Callable Products Autocall Standard Securities: (A) If FR Barrier Value is greater than or equal to the Final Redemption Condition Level: 100% + FR Exit Rate; or (B) If FR Barrier Value is less than the Final Redemption Condition Level and no Knock-in Event has occurred: 100% + Coupon Airbag Percentage; or (C) If FR Barrier Value is less than the Final Redemption Condition Level and a Knock-in Event has occurred: Min (100%, Final Redemption Value). Where: "Coupon Airbag Percentage" means 4.00 per cent.; "Final Redemption Condition Level" means 100 per cent.; "Final Redemption Value" means the Worst Value in respect of the SPS Redemption Valuation Date; "FR Barrier Value" means, in respect of a SPS FR Barrier Valuation Date, the Worst Value; "FR Exit Rate" means FR Rate; "FR Rate" means 8.00 per cent.; "Settlement Price Date" means the Valuation Date; "SPS FR Barrier Valuation Date" means each Settlement Price Date;
4 - 4 - "SPS Redemption Valuation Date" means each Settlement Price Date; "SPS Valuation Date" means the SPS FR Barrier Valuation Date, the SPS Redemption Valuation Date or the Strike Date; "Underlying Reference" means each Share k specified in the table in paragraph 29(i) (the "Basket of Underlying References"); "Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Closing Price in respect of such day; "Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date, where Strike Price Closing Value is applicable; "Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price; "Valuation Date" means the Redemption Valuation Date; and "Worst Value" means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket of Underlying References in respect of such SPS Valuation Date. Payout Switch: Payout Switch Election: Automatic Payout Switch: Switched Payout: Payout Switch Date: 17. Certificateholder Put Option: 18. Issuer Call Option: 19. Relevant Asset(s): 20. Entitlement: 21. Exchange Rate:
5 Settlement Currency: The settlement currency for the payment of the Final Redemption Amount is EUR. 23. Specified Currency: Euro ("EUR"). 24. Syndication: The Securities will be distributed on a non-syndicated basis. 25. Minimum Trading Amount: 26. Registrar: 27. Calculation Agent: BNP Paribas Arbitrage S.N.C. 28. Index Linked Certificates: 29. Share Linked Certificates: Applicable. (i) Share(s)/Share Company/Basket Company/GDR/ADR: Details of the Shares in the Basket of Shares are set out in the table below: k Name of Share/Basket Company Screen Page/Bloomberg Code ISIN 1 Daimler AG DAI GY DE Renault SA RNO FP FR (ii) Relative Performance Basket: Applicable, Worst Performing. (iii) (iv) Share Currency: ISIN of Share(s): EUR. As set out in the table in paragraph 29(i) above. (v) Exchange(s): XETRA in respect of Share k=1 and NYSE Euronext Paris in respect of Share k=2. (vi) Related Exchange(s): All Exchanges. (vii) Exchange Business Day: (viii) Scheduled Trading Day: Exchange Business Day (All Share Basis). Scheduled Trading Day (All Share Basis). (ix) Weighting: (x) Settlement Price: Official closing price. (xi) Specified Maximum Days of Disruption: Five Scheduled Trading Days. (xii) Valuation Time: (xiii) Delayed Redemption on Occurrence of an Extraordinary Event: Scheduled Closing Time. (xiv) Share Correction Period As per Share Linked Condition 4.
6 - 6 - (xv) Listing Change: (xvi) Listing Suspension: (xvii) Illiquidity: (xviii) Tender Offer: Applicable. 30. Debt Linked Certificates: 31. ETI Linked Certificates: 32. Commodity Linked Certificates: 33. Inflation Index Linked Certificates: 34. Currency Linked Certificates: 35. Fund Linked Certificates: 36. Underlying Interest Rate Linked Certificates: 37. Credit Linked Certificates: 38. Hybrid Certificates: 39. Additional Disruption Events: Applicable. Hedging Disruption does not apply to the Certificates. 40. Optional Additional Disruption Events: (i) (ii) The following Optional Additional Disruption Events apply to the Certificates: Increased Cost of Stock Borrow Insolvency Filing Loss of Stock Borrow The Maximum Stock Loan Rate in respect of each Share is 5.00 per cent. The Initial Stock Loan Rate in respect of each Share is 0.10 per cent. 41. Knock-in Event: Applicable. (i) SPS Knock-in Valuation: Applicable. (iii) Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event: If the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day. Where: "SPS Valuation Date" means the Knock-in Determination
7 - 7 - Day or the Strike Date; (ii) Level: (iii) Knock-in Level: 60 per cent. "Underlying Reference" means each Share k set out in the table in paragraph 29(i); "Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Closing Price in respect of such day; "Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date, where Strike Price Closing Value is applicable; "Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price; and "Worst Value" means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket of Underlying References in respect of such SPS Valuation Date. (iv) (v) Knock-in Period Beginning Date: Knock-in Period Beginning Date Day Convention: (vi) Knock-in Determination Period: (vii) Knock-in Determination Day(s): The Redemption Valuation Date. (viii) Knock-in Period Ending Date: (ix) Knock-in Period Ending Date Day Convention: (x) Knock-in Valuation Time: (xi) Knock-in Value: The Worst Value in respect of the Knock-in Determination Day. (xii) Knock-in Observation Price Source:
8 Knock-out Event: 43. Notional Amount of each Certificate: EUR100. PROVISIONS RELATING TO INTEREST AND PREMIUM AMOUNTS (IF ANY) APPLICABLE 44. Interest/Premium Amounts: Applicable. Condition to Interest Payment: Coupon Switch: Additional Switch Coupon: (i) Interest Period(s): (ii) Interest Period End Date(s): (iii) Specified Period: (iv) Business Day Convention for Interest Period End Date(s): (v) Interest Payment Date(s): (vi) Business Day Convention for Interest Payment Date(s): (vii) Party responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Calculation Agent): (viii) Margin(s): (ix) Minimum Interest Rate: (x) Maximum Interest Rate: (xi) Rate Multiplier: (xii) Day Count Fraction: (xiii) Determination Dates: (xiv) Accrual to Redemption: (xv) Rate of Interest/Premium Amount Rate: Applicable. Linked Premium Amount in respect of Premium Amount Payment Date (i=2) Digital Coupon Where (i) If the Digital Coupon Condition is satisfied in
9 - 9 - respect of SPS Coupon Valuation Date (i) : Rate (i) ; or (ii) If the Digital Coupon Condition is not satisfied in respect of SPS Coupon Valuation Date (i) : zero. "Barrier Level" means 60 per cent.; "DC Barrier Value" means the Worst Value; "Digital Coupon Condition" means that the DC Barrier Value for the relevant SPS Coupon Valuation Date is equal to or greater than the Barrier Level; "i=2" means the relevant SPS Coupon Valuation Date: where i=2: 21 July "Observation Date" means the Premium Amount Valuation Date; "Rate (i) " means 4.00 per cent for i= 2; "Settlement Price Date" means each Observation Date; "SPS Coupon Valuation Date" means each Settlement Price Date; "SPS Valuation Date" means each SPS Coupon Valuation Date or the Strike Date; "Underlying Reference" means each Share k set out in the table in paragraph 29(i); "Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Closing Price in respect of such day; "Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date, where Strike Price Closing Value is applicable; and "Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price; and "Worst Value" means, in respect of a SPS Valuation Date,
10 the lowest Underlying Reference Value for any Underlying Reference in the Basket of Underlying References in respect of such SPS Valuation Date. (xvi) Fixed Rate Provisions: (xvii) Floating Rate Provisions (xviii) Linked Interest Certificates (xix) Payment of Premium Amount(s): Applicable. (a) Premium Amount(s): In respect of Premium Amount Payment Date (i=1): EUR4.00 per Certificate. In respect of Premium Amount Payment Date (i=2): NA Premium Amount Rate where "NA" means EUR100. (b) Linked Premium Amount Certificates: (c) Premium Amount Payment Date(s): (d) Premium Amount Record Date(s): (xx) Index Linked Premium Amount Certificates: (xxi) Share Linked Premium Amount Certificates: Applicable for Premium Amount Payment Date (i=2). See Share Linked Premium Amount Certificates below. 29 July 2016 (i=1) and 31 July 2017 (i=2). 27 July 2016 (i=1) and 27 July 2017 (i=2). Applicable in respect of Premium Amount Payment Date (i=2) - the Certificates are Share Linked Premium Amount Certificates. (a) Share(s)/Share Company/Basket Company/GDR/ADR: See the table in paragraph 29(i) above for details of the Shares in the Basket. (b) Relative Performance Basket: Applicable, Worst Performing. (c) Averaging: (d) Premium Amount Valuation Time: (e) Premium Amount Valuation Date: Scheduled Closing Time. 21 July 2017 (i=2).
11 (f) Observation Dates: As set out in paragraph 44(xv) above. In the event that an Observation Date is a Disrupted Day, Postponement will apply. (g) Observation Period: (h) Specified Maximum Days of Disruption: As set out in paragraph 29 above. (i) Exchange(s): As set out in paragraph 29 above. (j) Related Exchange(s): As set out in paragraph 29 above. (k) Exchange Business Day: As set out in paragraph 29 above. (l) Scheduled Trading Day: As set out in paragraph 29 above. (m) Settlement Price: As set out in paragraph 29 above. (n) Weighting: (xxii) Debt Linked Premium Amount Certificates: (xxiii) ETI Linked Premium Amount Certificates: (xxiv) Inflation Linked Premium Amount Certificates: (xxv) Currency Linked Premium Amount Certificates: (xxvi) Fund Linked Premium Amount Certificates: (xxvii) Underlying Interest Rate Linked Interest Certificates: 45. Other provisions relating to Certificates: Applicable. (i) Additional Business Centre(s) (Condition 4(b)): (ii) Financial Centre(s) (Condition TARGET Settlement Day. 6(a)(ii)): (iii) Rounding: As per Condition 4(l). (iv) Instalment Certificates: The Certificates are not Instalment Certificates. (v) Automatic Early Redemption: Applicable. (a) Automatic Early Redemption Event: Standard Automatic Early Redemption: If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level.
12 Where: "Observation Date" means each date set out in paragraph 45(xiii); "Settlement Price Date" means each Observation Date; "SPS ER Valuation Date" means each Settlement Price Date; "SPS Valuation Date" means each SPS ER Valuation Date or the Strike Date; "Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price; "Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date, where Strike Pricing Closing Value is applicable. "Underlying Reference" means each Share k set out in the table in paragraph 29(i); "Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Closing Price in respect of such day; and "Worst Value" means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket of Underlying References in respect of such SPS Valuation Date. (b) Automatic Early Redemption Payout: SPS Automatic Early Redemption Payout: NA x (AER Redemption Percentage + AER Exit Rate). Where: "AER Redemption Percentage" means 100 per cent.; "AER Exit Rate" is the rate specified in paragraph 45(v)(m); and "NA" means EUR100. (c) Automatic Early Redemption Period: (d) Automatic Early Redemption Date(s): See paragraph 45(v)(n).
13 (e) Observation Price Source: (f) Underlying Reference Level: (g) Automatic Early Redemption Level: (h) Automatic Early Redemption Percentage: (i) Automatic Early Redemption Percentage Up: (j) Automatic Early Redemption Percentage Down: The Exchange. Official close. SPS AER Valuation: Applicable. 100 per cent. (k) SPS AER Value: Worst Value. (l) AER Rate: The relevant rate specified as AER Rate n in paragraph 45(v)(n). (m) AER Exit Rate: In respect of a SPS ER Valuation Date, the AER Rate. (n) Automatic Early Redemption Valuation Date: n Automatic Early Redemption Valuation Date n Automatic Early Redemption Date n AER Rate n 1 21 July July per cent July July per cent. (vi) (o) Automatic Early Redemption Valuation Time: Renouncement Notice Cut-off Time: (vii) Strike Date: 28 July (viii) Strike Day: (ix) Strike Period: (x) Strike Price: (xi) Redemption Valuation Date: 23 July (xii) Averaging: Averaging does not apply to the Certificates.
14 (xiii) Observation Dates: (xiv) Observation Period: The Automatic Early Redemption Valuation Date. In the event that an Observation Date is a Disrupted Day, Postponement will apply. (xv) Settlement Business Day: (xvi) Cut-off Date: (xvii) Interest Rate(i-1): 46. Early Redemption: Applicable. (i) Early Redemption Amount: Liquidation Proceeds/Fair Market Value. (ii) Swap Counterparty optional termination - Call option (Condition 8(f) and Condition 9(h)(i)): (iii) Swap Counterparty optional termination - Repurchase (Condition 9(h)(ii)): Applicable. (iv) Early Redemption Events: A. Asset Payment Default Event: Applicable. B. Asset Default Event: Applicable. C. Asset Redemption Event: Applicable. D. Asset Payment Shortfall Event: E. Compartment Tax Event: Applicable. F. Related Agreement Termination Event: G. Annex Early Redemption Event: H. Compartment Change in Law Event: I. Reference Security Restructuring Event: Applicable. Applicable. Applicable. (v) Redemption for taxation and other reasons: A. Condition 8(m)(i) (Redemption of Certificates for taxation
15 reasons): B. Condition 8(m)(ii) (Illegality): (vi) Redemption Date Extension: Applicable. The Extended Redemption Date will be 60 calendar days after the Redemption Date or, if the Early Redemption Date falls prior to the Redemption Date, 60 calendar days after such Early Redemption Date, as the case may be (or, in either case, if such day is not a Business Day, the immediately succeeding Business Day). Sale of Assets is applicable. (vii) (viii) Swap Termination Without Redemption: Redenomination, renominalisation and reconventioning provisions: COMPARTMENT ASSETS AND SECURITY 47. Description of Compartment: Compartment BNL (i) Legal nature of the Charged Assets: As set out in Condition 9(c)(i)(B) and 9(c)(i)(C). Related Agreements are: (ii) Compartment Account: Applicable. - Swap Agreement; and - Deposit Agreement. (iii) Cash Manager: Applicable BNP Paribas Securities Services, Luxembourg Branch. (iv) Account Bank: Applicable - BNP Paribas Securities Services, Luxembourg Branch. (v) Custodian: (vi) Sub-Custodian in relation to the Compartment Assets: 48. Compartment Security for the Certificates is "Charged Assets charged to Trustee; additional foreign law security": 49. Compartment Assets substitution by Swap Counterparty (pursuant to Condition 9(f)): Applicable. An Italian law receivables pledge agreement will be entered into by the Issuer in favour of the Trustee under which the Issuer will pledge its rights under the Deposit Agreement in favour of the Trustee pursuant to an Italian law pledge agreement made between the Issuer, Banca Nazionale del Lavoro as deposit counterparty and the Trustee on or about the Issue Date.
16 (i) Permitted currency of securities to be substituted for the Compartment Assets (pursuant to Condition 9(f)(i)): (ii) Eligible Compartment Assets Issuer: (iii) Alternative Substitution (Condition 9(f)(ii)): (iv) Delivery or payment of the securities, obligations or cash which may be substituted for the Compartment Assets to the Custodian by (if not Swap Counterparty) (Condition 9(f)): 50. Compartment Assets substitution under a Credit Support Annex/Credit Support Deed/Pledge: delivery or payment of securities, obligations or cash by (if not Swap Counterparty) (Condition 9(f)): DISTRIBUTION 51. Date of Subscription Agreement: 52. Name of and address of Dealer: BNP Paribas Arbitrage S.N.C. of boulevard Macdonald, Paris. 53. Total commission and concession: 54. Non exempt Offer: Applicable. (i) Non-exempt Offer Jurisdictions: Italy. (ii) Offer Period: From, and including, 1 July 2015 to, and including, 28 July (iii) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it: The Dealer and Banca Nazionale del Lavoro S.p.A. of Via V. Veneto 119, Rome, Italy.
18 Listing and Admission to trading PART B OTHER INFORMATION (i) Listing: Application has been or will be made to list the Certificates on the Multilateral Trading Facility EuroTLX of EuroTLX SIM S.p.A. (ii) Admission to trading: Application has been or will be made for the Certificates to be admitted to trading on the Multilateral Trading Facility EuroTLX. (iii) Estimate of total expenses related to admission to trading: EUR1,000. (iv) De-listing: Not applicable 2. Ratings Ratings: The Certificates have not been rated. 3. Interests of Natural and Legal Persons Involved in the Issue Investors should be aware that the Issue Price includes implicit structuring costs, which will be retained by the Swap Counterparty from the amounts paid to it by the Issuer. Such structuring costs will be equal to an estimated maximum annual amount of 0.20 per cent. of the Aggregate Notional Amount of the Certificates. Save as discussed in "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Certificates has an interest material to the offer. 4. Reasons for the Offer, Estimated Net Proceeds and Total Expenses (i) Reasons for the offer: The net proceeds of the Certificates will be used to make payments to the Deposit Counterparty under the Deposit Agreement. (ii) Estimated net proceeds: The estimated net proceeds are not available. (iii) Estimated total expenses: The Issuer expects to incur EUR1,000 in listing and admission to trading expenses. Fees will be paid to the Authorised Offeror in respect of the issue of the Certificates. They cover distribution costs for an annual amount not greater than 1.15 per cent. of the Aggregate Notional Amount. Details of such fees are available from Banca Nazionale del Lavoro S.p.A. upon request. 5. Performance of Underlying/Formula/Other Variable, Explanation of Effect on Value of Investment and Associated Risks and Other Information concerning the Underlying See the Base Prospectus for an explanation of the effect on the value of investment and associated risks in investing in securities.
19 Details of the current price, past performance and the volatility of the Shares are available from the Bloomberg Screen Pages listed below: Name of Share Daimler AG Renault SA Screen Page/Bloomberg Code DAI GY RNO FP The Issuer does not intend to provide post issuance information. 6. Operational Information (i) ISIN Code: XS (ii) Common Code: (iii) Any clearing system(s) other than Euroclear and Clearstream, Luxembourg approved by the Issuer and the Principal Paying Agent and the relevant identification number(s): (iv) Delivery: Delivery against payment (v) Additional Paying Agent(s) (if any): 7. Public Offer Applicable. (i) Authorised Offeror: Banca Nazionale del Lavoro S.p.A. (ii) Offer Period: See paragraph 54 of Part A above. (iii) Offer Price: Issue Price (of which a maximum annual amount of 1.15 per cent is represented by commissions payable to the Authorised Offeror). (iv) Conditions to which the offer is subject: The Issuer reserves the right to withdraw the offer of the Certificates in whole or in part at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer reserves such right to withdraw the offer of Certificates, each such potential investor shall not be entitled to subscribe for or otherwise acquire Certificates. Article 30 of Italian Legislative Decree No. 58 of 24 February 1998, as amended from time to time (the "Italian Financial Services Act") permits the promotion and placement to the public in the Republic of Italy of financial instruments in a place other than the registered office or establishments of the issuer, offeror or appointed person carrying out such promotion and/or placement, under certain conditions. Such activity
20 is referred in the Italian Financial Services Act as "door-to-door selling". Pursuant to paragraph 6 of Article 30 of the Italian Financial Services Act, all door-to-door selling of financial instruments must be accompanied by a clear indication to investors that they have a right of withdrawal from any contract entered into pursuant to door-to-door selling, exercisable within a period of seven days from the date of subscription by the investor. Within such period, contracts entered into pursuant to door-to-door selling shall not be enforceable, and investors may exercise their withdrawal right without payment of any charge or commission by contacting the offeror or appointed person with whom the subscription for Certificates was placed. A non-exempt offer of Certificates in the Republic of Italy may be made using door-to-door selling in accordance with Article 30 of the Italian Financial Services Act during the Offer Period. Further, Certificates may be offered in the Republic of Italy to investors through recorded telephone orders pursuant to applicable Italian law. (v) Description of the application process: The Certificates offered by Banca Nazionale del Lavoro S.p.A. through door-to-door selling pursuant to Article 30 of Italian Legislative Decree No. 58 of 24 February 1998, as amended from time to time (the "Italian Financial Services Act") will be offered from and including, 1 July 2015 to, and including, 21 July Pursuant to Article 30, paragraph 6, of the Italian Financial Services Act, the validity and enforceability of contracts entered into through door-to-door selling is suspended for a period of seven days beginning on the date of subscription by the investor. Within such period investors may communicate their withdrawal to Banca Nazionale del Lavoro S.p.A. without payment of any charge or commission. The Certificates will be also offered by Banca Nazionale del Lavoro S.p.A. through recorded telephone orders. In this case, the investor may subscribe for the Certificates via the internet or the telephone, after being identified by the Authorised Offeror using his/her identification codes. As soon as the telephone call begins, the investor will be requested to declare, among other things, that he/she has received and read the offer documentation sent to him/her by the Authorised Offeror and the risk factors contained therein, and that he/she will provide all the information necessary to the continue with the order. The
21 Authorised Offeror, during the telephone call, will summarise to the investor the details of the transaction and the investor will then confirm the correctness of such details and will give his/her consent to the subscription of the Certificates. Applications to subscribe for the Certificates can be made in Italy by contacting Banca Nazionale del Lavoro S.p.A. or one of its agents. SecurAsset S.A. has been informed by Banca Nazionale del Lavoro S.p.A. that the distribution of the Certificates will be carried out in accordance with the Authorised Offeror's usual procedures and subject to applicable laws and regulations. Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subscription for the Certificates. (vi) Details of the minimum and/or maximum amount of application: Minimum subscription amount per investor: 1 Certificate. Maximum subscription amount per investor: 500,000 Certificates. There are no pre-identified allotment criteria. SecurAsset S.A. has been informed by Banca Nazionale del Lavoro S.p.A. that the Authorised Offeror will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Certificates requested through the Authorised Offeror during the Offer Period will be assigned up to the maximum amount of the offer. If, during the Offer Period, applications to subscribe for Certificates exceed the total amount of the offer, the Offer Period will end early and acceptance of further applications will be immediately suspended. (vii) Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: (viii) Details of the method and time limits for paying up and delivering the Certificates: The Certificates will be cleared through the clearing systems and are due to be delivered through the Authorised Offeror on or about the Issue Date. Each investor will be notified by the Authorised Offeror of the settlement arrangements in respect of the Certificates at the time of such investor's application. Neither SecurAsset S.A. nor the Dealer is responsible for such notifications.
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