Prospectus - Notowania

Italian Law Decree no. 262 of October 3, 2006, converted, with amendments,
by Italian Law no. 286 of November 24, 2006, re-introduced the inheritance
and donations tax on transfers of assets and rights as a result of death or of
donation or gratuitously and on the constitution of destination restrictions. For
all matters not regulated by Paragraphs 47 to 49 and 51 to 54 of the Annex to
Italian Law no. 286 of November 24, 2006, the provisions of Italian
Legislative Decree no. 346 of October 31, 1990, in the text in force on 24
October 2001, apply because they are compatible. Transfers of assets and
rights because of death are subject to the inheritance tax, and donations and
free transfers of assets and rights and the constitution of restrictions on the
destination of assets are subject to the donations tax with the following rates
on the total net value of the assets:
− for the assets and rights transferred in favour of the spouse and the next of
kin, the rate is 4%, with an allowance of €1,000,000 for each beneficiary;
− for assets and rights transferred in favour of other relatives to the fourth
degree and of persons related by direct affinity, as well as collateral
affinity to the third degree, the rate is 6% (with allowance of €100,000 for
siblings only);
− for assets and rights transferred in favour of other persons, the rate is 8%
(without any allowance).
If the beneficiary is affected by a handicap recognised as severe in accordance with Law no. 104
of February 5, 1992, the tax applies solely on the part of the value of the asset that exceeds
€1,500,000 regardless of the existence or degree of the kinship or affinity existing between the
deceased or the donor and the beneficiary.
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