Common use of Implementation in Italy of the EU Savings Directive Clause in Contracts

Implementation in Italy of the EU Savings Directive. Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April 2005 (Decree No. 84). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid starting from 1 July 2005 to individuals which qualify as beneficial owners of the interest payment and are resi- dent for tax purposes in another Member State, Italian paying agents (i.e. banks, società di intermediazione Mo- biliare (SIM), fiduciary companies, società di gestione del risparmio (SGR) resident for tax purposes in Italy, Italian permanent establishments of non-Italian resident persons and any other Italian entity paying interest for professional or business reasons) shall not apply the withholding tax and shall report to the Italian Tax Authori- ties details of the relevant payments and personal information on the individual beneficial owner. Such informa- tion is transmitted by the Italian Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner. [●] § 1 Series, Form of Certificates, Issuance of Additional Certificates § 2 Definitions § 3 [Interest][,] [Additional Amount]] § 4 Redemption Amount[, Exercise by Certificate Holder] [, Automatic Early Redemption] [, Extension of Maturity][, Deliveries] § 5 [intentionally left out][Issuer's Regular Call Rights] [§ 5a Collaterals, Liquidation Event, Extraordinary Redemption Right of the Certificates Holders] § 6 [Index Concept, ]Adjustments[, Early Redemption] [, Issuer's Irregular Call Rights] § 7 [intentionally left out][Market Disruptions] § 8 Payments[, Deliveries] § 9 Principal Paying Agent, Calculation Agent, Paying Agent § 10 Taxes § 11 Status § 12 Substitution of Issuer § 13 Notices § 14 Presentation Period § 15 Partial Invalidity § 16 Applicable Law, Place of Performance, Forum[, Language] [§ 17 Trading on Italian non-regulated and regulated markets] ISIN [Number of Certificates] [Aggregate Principal Amount] [Specified [Currency][Currencies]] Reference Asset [Principal Amount per Certificate] [Ratio] [Valuation Date] [Valuation Date[s] for [Interest][Additional Amounts] [Maturity Date] [Early Maturity Date[s]] Reference Price [R] ([min] [•]) [Barrier Level] [Maximum Amount] [Minimum Amount] [Redemption Threshold] [Observation Date] [Observation Period] [Relevant Exchange] [Determining Futures Exchange] [Basket (as further specified in Table 2)] [description of share, share issuer, ISIN, WKN, Reuters Page, Bloomberg Code] [description of bond, bond issuer, denomination, maturity, ISIN, WKN, Reuters Page, Bloomberg Code] [description of certificate, certificate issuer, certificate underlying, ISIN, WKN, Reuters Page, Bloomberg Code] [index name, Index Sponsor name, Index Calculation Agent name [(as described in the Appendix hereto)], ISIN, WKN, Reuters Page, Bloomberg Code] [name, specifications and relevant price of commodity, Reference Market, Reuters Page, Bloomberg Code] [name and specifications of exchange rate, Fixing Sponsor, Reuters Page, Bloomberg Code] [description of fund share, description of fund, name of Investment Company, ISIN, WKN, Reuters Page, Bloomberg Code] [name, specification and relevant expiry month of the future contract, Reference Market, Reuters Page, Bloomberg Code] [name and specification of the interest rate, Relevant Time, Screen Page] [insert Code for other information system] [•] [Insert table with information on the respective Basket Components and their weighting. Define individual Basket Components as "Basket Component [•]" or "B [•]". The presentation of information may correspond to the presentation of the Reference Asset in Table 1 (stating e.g. Issuer/Sponsor and WKN/ISIN/Reuters- Page/Bloomberg-Code/Screen Page and Time/Code for other information system.]]

Implementation in Italy of the EU Savings Directive. Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April 2005 (Decree No. 84). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid starting from 1 July 2005 to individuals which qualify as beneficial owners of the interest payment and are resi- dent resident for tax purposes in another Member State, Italian paying agents (i.e. banks, società di intermediazione Mo- biliare Mobiliare (SIM), fiduciary companies, società di gestione del risparmio (SGR) resident for tax purposes in Italy, Italian permanent establishments of non-Italian resident persons and any other Italian entity paying interest for professional or business reasons) shall not apply the withholding tax and shall report to the Italian Tax Authori- ties Authorities details of the relevant payments and personal information on the individual beneficial owner. Such informa- tion information is transmitted by the Italian Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner. [●] § 1 SeriesWarrants, Option Right, issuance of additional Warrants (in the case of Call Warrants) § 1 Warrants, Option Right, issuance of additional Warrants (in the case of Put Warrants) § 2 Form of Certificates, Issuance of Additional Certificates § 2 Definitions the Warrants § 3 [Interest][,] [Additional Amount]] Option Period, Exercise (as amended by the provisions in Annex A for Share Warrants and Share Bas- ket Warrants) § 4 Redemption AmountIndex Basket/Share Basket (in the case of Index Basket Warrants and Share Basket Warrants, § 4 will be inserted from Annex B) § [4] / [5] (Index Concept), Exercise by Certificate HolderAdjustments § [5] / [, Automatic Early Redemption6] Paying the Differential Amount § [, Extension of Maturity]6] / [, Deliveries7] Market Disruption § 5 [intentionally left out][Issuer's Regular Call Rights7] / [8] Rank § 5a Collaterals, Liquidation Event, Extraordinary Redemption Right [8] / [9] Cancellation of the Certificates HoldersOption Rights § [9] / [10] Replacement of the Warrant Debtor § 6 [Index Concept, ]Adjustments10] / [, Early Redemption11] [, Issuer's Irregular Call Rights] § 7 [intentionally left out][Market Disruptions] § 8 Payments[, Deliveries] § 9 Principal Paying Agent, Calculation Agent, Paying Agent § 10 Taxes [11] / [12] Official announcements § 11 Status [12] / [13] Partial invalidity § 12 Substitution of Issuer § 13 Notices § 14 Presentation Period § 15 Partial Invalidity § 16 [13] / [14] Applicable Law, Place of Performance, ForumJurisdictional Venue § [, Language45] / [§ 17 15] Trading on Italian non-regulated and regulated markets] ISIN [Number of Certificates] [Aggregate Principal Amount] [Specified [Currency][Currencies]] Reference Asset [Principal Amount per Certificate] [Ratio] [Valuation Date] [Valuation Date[s] for [Interest][Additional Amounts] [Maturity Date] [Early Maturity Date[s]] Reference Price [R] ([min] [•]) [Barrier Level] [Maximum Amount] [Minimum Amount] [Redemption Threshold] [Observation Date] [Observation Period] [Relevant Exchange] [Determining Futures Exchange] [Basket (as further specified in Table 2)] [description of share, share issuer, ISIN, WKN, Reuters Page, Bloomberg Code] [description of bond, bond issuer, denomination, maturity, ISIN, WKN, Reuters Page, Bloomberg Code] [description of certificate, certificate issuer, certificate underlying, ISIN, WKN, Reuters Page, Bloomberg Code] [index name, Index Sponsor name, Index Calculation Agent name [(as described in the Appendix hereto)], ISIN, WKN, Reuters Page, Bloomberg Code] [name, specifications and relevant price of commodity, Reference Market, Reuters Page, Bloomberg Code] [name and specifications of exchange rate, Fixing Sponsor, Reuters Page, Bloomberg Code] [description of fund share, description of fund, name of Investment Company, ISIN, WKN, Reuters Page, Bloomberg Code] [name, specification and relevant expiry month of the future contract, Reference Market, Reuters Page, Bloomberg Code] [name and specification of the interest rate, Relevant Time, Screen Page] [insert Code for other information system] [•] [Insert table with information on the respective Basket Components and their weighting. Define individual Basket Components as "Basket Component [•]" or "B [•]". The presentation of information may correspond to the presentation of the Reference Asset in Table 1 (stating e.g. Issuer/Sponsor and WKN/ISIN/Reuters- Page/Bloomberg-Code/Screen Page and Time/Code for other information systemmarkets managed by Borsa Italiana S.p.]]A.

Implementation in Italy of the EU Savings Directive. Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April 2005 (Decree No. 84). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid starting from 1 July 2005 to individuals which qualify as beneficial owners of the interest payment and are resi- dent resident for tax purposes in another Member State, Italian paying agents (i.e. banks, società di intermediazione Mo- biliare Mobiliare (SIM), fiduciary companies, società di gestione del risparmio (SGR) resident for tax purposes in Italy, Italian permanent establishments of non-Italian resident persons and any other Italian entity paying interest for professional or business reasons) shall not apply the withholding tax and shall report to the Italian Tax Authori- ties Authorities details of the relevant payments and personal information on the individual beneficial owner. Such informa- tion information is transmitted by the Italian Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner. [●] § 1 Series, Form of Certificates, Issuance of Additional Certificates § 2 Definitions § 3 [Interest][,] [Additional Amount]] § 4 Redemption Amount[, Exercise by Certificate Holder] [, Automatic Early Redemption] [, Extension of Maturity][, Deliveries] § 5 [intentionally left out][Issuer's Regular Call Rights] [§ 5a Collaterals, Liquidation Event, Extraordinary Redemption Right of the Certificates Holders] § 6 [Index Concept, ]Adjustments[, Early Redemption] [, Issuer's Irregular Call Rights] § 7 [intentionally left out][Market Disruptions] § 8 Payments[, Deliveries] § 9 Principal Paying Agent, Calculation Agent, Paying Agent § 10 Taxes § 11 Status § 12 Substitution of Issuer § 13 Notices § 14 Presentation Period § 15 Partial Invalidity § 16 Applicable Law, Place of Performance, Forum[, Language] [§ 17 Trading on Italian non-regulated and regulated markets] ISIN [Number of Certificates] [Aggregate Principal Amount] [Specified [Currency][Currencies]] Reference Asset [Principal Amount per Certificate] [Ratio] [Valuation Date] [Valuation Date[s] for [Interest][Additional Amounts] [Maturity Date] [Early Maturity Date[s]] Reference Price [R] ([min] [•]) [Barrier Level] [Maximum Amount] [Minimum Amount] [Redemption Threshold] [Observation Date] [Observation Period] [Relevant Exchange] [Determining Futures Exchange] [Basket (as further specified in Table 2)] [description of share, share issuer, ISIN, WKN, Reuters Page, Bloomberg Code] [description of bond, bond issuer, denomination, maturity, ISIN, WKN, Reuters Page, Bloomberg Code] [description of certificate, certificate issuer, certificate underlying, ISIN, WKN, Reuters Page, Bloomberg Code] [index name, Index Sponsor name, Index Calculation Agent name [(as described in the Appendix hereto)], ISIN, WKN, Reuters Page, Bloomberg Code] [name, specifications and relevant price of commodity, Reference Market, Reuters Page, Bloomberg Code] [name and specifications of exchange rate, Fixing Sponsor, Reuters Page, Bloomberg Code] [description of fund share, description of fund, name of Investment Company, ISIN, WKN, Reuters Page, Bloomberg Code] [name, specification and relevant expiry month of the future contract, Reference Market, Reuters Page, Bloomberg Code] [name and specification of the interest rate, Relevant Time, Screen Page] [insert Code for other information system] [•] [Insert table with information on the respective Basket Components and their weighting. Define individual Basket Components as "Basket Component [•]" or "B [•]". The presentation of information may correspond to the presentation of the Reference Asset in Table 1 (stating e.g. Issuer/Sponsor and WKN/ISIN/Reuters- Page/Bloomberg-Code/Screen Page and Time/Code for other information system.]]