INDEX OF DEFINED TERMS - Banca di Legnano

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Non-Italian Resident Noteholders Capital gains realised by non-Italian resident Noteholders from the sale, early redemption or redemption of the Notes are not subject to Italian taxation, provided that the Notes (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside Italy. The provisions of the applicable tax treaties against double taxation entered into by Italy apply if more favourable and all relevant conditions are met. Inheritance and gift taxes Pursuant to Law Decree No. 262 of 3 October 2006 ("Decree No. 262"), converted into Law No. 286 of 24 November 2006, the transfers of any valuable asset (including shares, bonds or other securities) as a result of death or donation are taxed as follows: Transfer Tax (i) transfers in favour of spouses and direct descendants or direct ancestors are subject to an inheritance and gift tax applied at a rate of 4 per cent. on the value of the inheritance or the gift exceeding EUR 1,000,000; (ii) transfers in favour of relatives to the fourth degree and relatives-in-law to the third degree, are subject to an inheritance and gift tax applied at a rate of 6 per cent. on the entire value of the inheritance or the gift. Transfers in favour of brothers/sisters are subject to the 6 per cent.(6%) inheritance and gift tax on the value of the inheritance or the gift exceeding EUR 100,000; and (iii) any other transfer is, in principle, subject to an inheritance and gift tax applied at a rate of 8 per cent. (8%) on the entire value of the inheritance or the gift. Article 37 of Law Decree No 248 of 31 December 2007 ("Decree No. 248"), converted into Law No. 31 of 28 February 2008, published on the Italian Official Gazette No. 51 of 29 February 2008, has abolished the Italian transfer tax, provided for by Royal Decree No. 3278 of 30 December 1923, as amended and supplemented by the Legislative Decree No. 435 of 21 November 1997. Following the repeal of the Italian transfer tax, as from 31 December 2007 contracts relating to the transfer of securities are subject to the registration tax as follows: (i) public deeds and notarized deeds are subject to fixed registration tax at rate of EUR 168; (ii) private deeds are subject to registration tax only in case of use or voluntary registration. EU Savings Directive Under EC Council Directive 2003/48/EC (the "EU Savings Directive") on the taxation of savings income, Member States are required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State or to certain limited types of entities established in that other Member State. However, for a transitional period Luxembourg and Austria are instead required (unless during that period they elect otherwise) to impose a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have agreed to adopt similar measures (a withholding system in the case of Switzerland). On 15 September 2008, the European Commission issued a report to the Council of the European Union on the operation of the EU Savings Directive, which included the Commission's advice on the need for changes to the Directive. On 13 November 2008, the European Commission published a more detailed proposal for amendments to the Directive, which included a number of suggested changes. The European Parliament approved an amended version of this proposal on 24 April 2009. If any of those proposed changes are made in relation to the Directive, they may amend or broaden the scope of the requirements described above. - 18 -
Implementation in Italy of the EU Savings Directive Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April 2005 ("Decree No. 84"). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid to individuals which qualify as beneficial owners of the interest payment and are resident for tax purposes in another Member State, Italian qualified paying agents shall not apply the withholding tax and shall report to the Italian Tax Authorities details of the relevant payments and personal information on the individual beneficial owner. Such information is transmitted by the Italian Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner. - 19 -
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Unscheduled Holiday for such Curren
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FORM OF FINAL TERMS FOR NOTES LINKE
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8. Maturity Date: [Specify date] 9.
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paragraphs of this paragraph) (i) I
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ensure it is a page which shows a c
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(vii) Additional Business Center(s)
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paragraph) (i) Share(s)/Basket of S
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Scheduled Trading Days] (xxii) Barr
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[Modified Following Business Day Co
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Exchanges]] [Underlying Index for e
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(i) (ii) (iii) Inflation Index/Bask
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Sponsor(s): [The [ ] Index is a Uni
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the Notes: (iii) Final Redemption A
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(xxii) Other terms or special condi
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Linked Conditions/ Specify] Cumulat
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Payment Dates or Interest Period En
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ISSUE AND LISTING AND ADMISSION TO
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THE ISSUE/ OFFER] Notes has an inte
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ecognized as eligible collateral fo
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[Not applicable/provide other appli
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INDEX OF DEFINED TERMS - Banca di Legnano

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