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.

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. i.e., banks, società di intermediazione Mo- biliare (SIM)SIMs, fiduciary companies, società di gestione del risparmio (SGR) SGRs 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.

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. I …………………………… hereby declare that I have received and read the Final Terms dated 11 February 2008 before purchasing the Certificates described therein.

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.