These words all pertain to the end or conclusion of something that can be considered sequential. Final simply means coming at the end: final exams. It often carries a strong note, however, of decisiveness or conclusiveness: a final chance to buy a property before it was sold to someone else. Last means coming after all the others in a series, ie., final in order, sequence or time: the last page of a book; the last day of summer; He waited until the last minute before jumping on the train. Concluding means bringing to an end, and usually conveys the suggestion of a final settlement or arrangement. A concluding chapter brings the narrative or text of a book to a close; the last chapter is the one towards which all those before it have been leading. Because of the implicit suggestion within final of progression or of a series of related events having direction, the word is more often used in figurative expressions than either last or concluding : a final chapter in a long and tempestuous career.

Ultimate , as here considered, means beyond which there is no other, and is denotatively synonymous with last : the ultimate (or last ) stanza in a poem. Ultimate is, however, more formal in tone, and is often more emphatic in pointing to the last item in a series: his ultimate offer for an out-of-court settlement before instituting legal action. While last states conveys strong feeling and determination, and is in this sense sometimes interchangeable with final : That is our ultimate (or final ) proposal, and no other changes will be considered.