Prospectus - Notowania

Capital gains realised by resident non commercial entities are subject to
taxation with the same rules prescribed for capital gains realised by natural
persons on shares held under other than enterprise treatment.
Pension Funds and UCITS
The capital gains realised by pension funds fiscally residing in Italy as well as
by UCITS are subject to the same treatment described in the Paragraph on
taxation of dividends collected by such persons.
Real Estate Mutual Funds
Capital gains realised by real estate mutual funds instituted in accordance
with Article 37 of the TUF and with Article 14-bis of Italian Law no. 86 of
January 25, 1994, are subject to the same treatment described in the
Paragraph on the taxation of dividends collected by such persons.
Non Resident Persons
Capital gains realised by persons not residing fiscally in Italy, lacking a stable
organisation in Italy to which the shares are actually connected, deriving
from:
− Disposals of Non Qualifying Holdings in companies whose shares are
traded in regulated market, like UniCredit, are not subject to taxation in
Italy, even if held there. To benefit from said exemption, shareholders not
residing fiscally in Italy may have to produce a self-certification declaring
that they do not reside fiscally in Italy;
− Disposals of Qualifying Holdings contribute to the formation of the
transferor’s total income for 49.72% of the related amount, with reference
to the capital gains realised starting from January 1, 2009 (see the
preceding Paragraph on the taxation of capital gains realised by resident
natural persons by Disposal of Qualifying Holdings).
Any exemption in Italy which may be provided by international conventions
against double taxation, when applicable, remains valid in any case.
With respect to non resident persons who hold the share through a stable
organisation in Italy, such amounts contribute to the formation of the income
of the stable organisation according to the tax treatment prescribed for capital
gains realised by corporations that reside fiscally in Italy.
Tax on Stock Exchange Contracts
Law Decree no. 248 of 31 December 2007, converted by Italian Law no. 31 of
February 28, 2008, repealed the tax on stock exchange contracts, regulated by
Royal Decree no. 3278 of December 30, 1923, as amended by Article 1 of
Italian Legislative Decree no. 435 of November 21, 1997.
Inheritance Tax and Donation Tax
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