Prospectus - Notowania

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RISK FACTORS
or future action could have significant negative effects on the Company,
individually or as a whole.
As at the Date of the Prospectus, all pending action was at the initial stages. The
Issuer and the subsidiaries involved intend to defend themselves from the
accusations made regarding the Madoff case, using all the means available to
them. As at the Date of the Prospectus, it was not possible to reliably envisage
the timescales and the outcome of the various legal action, nor assess the degree
of liability, if any exists, which could derive therefrom. In compliance with the
international accounting standards, as at the Date of the Prospectus no
provisions had been set aside for the specific risk associated with the Madoff
dispute.
(i) Litigation with the Italian Tax Authorities
As at the Date of the Prospectus, three legal proceedings are pending with the
Regional Tax Commission of Palermo regarding: (i) the challenge of the
existence of a credit for an amount equal to approximately €25.6 million for
corporate income tax (IRPEG) resulting from the annual tax return filed for the
year 1984 by the Cassa Centrale di Risparmio V.E. per le Province Siciliane
(now Banco di Sicilia); (ii) the challenge of the existence of a credit for an
amount equal to approximately €21.1 million for corporate income tax (IRPEG)
resulting from the annual tax return filed for the year 1984 by the Banco di
Sicilia; e (iii) the challenge of the existence of a credit for an amount equal to
approximately €24.3 million for corporate income tax (IRPEG) resulting from
the annual tax return filed for the year 1985 by Banco di Sicilia. The overall
amount challenged, also bearing in mind the interest accrued and booked, is
equal to approximately €165 million.
The Provincial Tax Commission of Palermo, with a ruling dated June 12, 2007,
rejected the appeals filed by Banco di Sicilia. Banco di Sicilia filed an appeal.
Two of the hearings took place in the month of November 2009, while another
hearing is foreseen for January 22, 2010. The Company does not have
knowledge of the filing date of the rulings by the Provincial Tax Commission of
Palermo and it is, therefore, possible that it may occur over the course of the
Offer.
No provisions have been made in relation to these proceedings.
From January 1, 2010, the regulations on class action came into force, as introduced
by article 140- bis of Legislative Decree no. 206 dated September 6, 2005. These
rules introduce compensatory protection of a collective type for consumer and user
interests and relating to behaviour/deeds after August 1, 2009. Each individual who
belongs to the damaged class or each individual who grants a mandate of
representation to associations or committees set up in an ad hoc manner, to which he
belongs, is entitled to act. The action is subject to preliminary admittance by the
competent count. Consumers and/or users who intend to take part in the action must