Prospectus - Notowania

(the available margin is provided by the difference between the Regulatory Capital
and the sum of the equity investments and the properties, in any event held).
The Supervisory Instructions envisage the prior authorization from the Bank of Italy
for the acquisition, by banks, of equity investments greater than 10% of the
Regulatory Capital of the purchasing bank or 10% or 20% of the share capital (or the
percentage which involves control being gained) of the bank, the finance or insurance
company acquired and for the undertaking of equity investments in operating
companies.
Furthermore, equity investments in companies other than banks or finance or
insurance companies (so-called “industrial”) cannot in total exceed 15% of the bank’s
Regulatory Capital and, in relation to the investments in a single non-financial
company or group of companies, 3% of the bank’s Regulatory Capital and 15% of the
share capital of the target company. This latter percentage does not apply if the value
of the equity investment is contained with the amount of 1% of the holding bank’s
Regulatory Capital, or if the sum of the investments over 15% in the bank’s
possession is contained within 1% of the bank’s Regulatory Capital.
Anti money-laundering legislation
The Issuer is subject to the provisions of “anti money-laundering” legislation, as
recently amended by Italian Legislative Decree No. 231 dated November 21, 2007
containing “Implementation of Directive 2005/60/EC concerning prevention of the
use of the financial system for the purpose of recycling proceeds from criminal
activities and the funding of terrorism, as well as Directive 2006/70/EC which
contains the executive measures”.
In detail, the banks are obliged to:
(i) adequately identify and check the customers (in some situations considered to
be more exposed to the risk of recycling and terrorism funding, by means of
particularly rigorous identification and verification procedures);
(ii) establish the Centralised Computer Archive;
(iii) register and maintain the identifying details and other information relating to
dealings and transactions in the Centralised Computer Archive;
(iv) send the aggregate data to the Financial Information Unit;
(v) report suspect transactions;
(vi) establish internal control measures and ensure the adequate training of the
employees and co-workers, also so as to analyse the knowledge of its
customers, for the purpose of preventing and averting that recycling
transactions take place.
Investment services
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