Prospectus - Notowania

Some general information about the tax rules to be applied to the acquisition,
possession and transfer of the Shares for certain categories of investors are indicated
below. The following is not meant as an exhaustive analysis of all the tax
consequences of the acquisition, possession and transfer of the Shares.
The tax treatment illustrated below is based on Italian tax laws in force at the Date of
the Prospectus, with the proviso that it may be subject to changes which may also be
retroactive. In particular, laws could be enacted for the revision of the percentages of
withholding tax on capital income and of other financial income or of the measures of
substitute taxes pertaining to the same income. The approval of such laws changing
the current regulations could, therefore, have an impact on the tax treatment of the
Shares as it is described in the paragraphs that follow. If such an event occurs,
UniCredit will not update this section to take into account the changes made even if,
as a result of such changes, the information provided in this section is no longer valid.
Investors are responsible for consulting their own professional advisers with respect
to the tax treatment of the acquisition, possession and transfer of the Shares.
Definitions
For the purposes of Paragraph 4.11.1 of the Prospectus, the defined terms have the
following meaning:
− “Shares”: the UniCredit ordinary shares of the Offer;
− “Qualifying Holdings”: interests in companies traded on regulated markets,
constituted by the possession of interests (other than savings shares), rights or
securities, through which the aforesaid interests can be acquired, which represent
a total percentage exceeding 2% of the voting rights exercisable in the General
Shareholders’ Meeting or an interest exceeding 5% in the capital or equity;
− “Non Qualifying Holdings”: interests in companies traded on regulated markets,
other than Qualifying Holdings;
− “Disposal of Qualifying Holdings”: disposal for good, valuable and fungible
consideration of shares, other than savings shares, rights or securities through
which shares can be acquired, which exceed, within twelve months, the limits for
the Qualifying Holding qualification.
− The twelve month term starts elapsing from the time when the possessed
securities and rights represent a percentage of the voting rights or of the interest in
the company that exceeds the aforesaid limits. For rights or securities through
which interests can be acquired, the percentages of voting rights or of interest in
the capital that can potentially be connected to the interests are taken into account.
− “Disposal of Non Qualifying Holdings”: disposal for good, valuable and
fungible consideration of shares, other than savings shares, right or securities
through which shares can be acquired, other than Disposals of Qualifying
Holdings.
Dividends Collected by Resident Persons
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