Italy: Tax impact on ISIN XS1140860534 following the change of issuer to ASSICURAZIONI GENERALI S.p.A.

Clearstream Banking¹ would like to inform customers that effective

9 April 2018

ISIN XS1140860534 became subject to Italian tax due to the merger of Generali Finance B.V. into Assicurazioni Generali S.p.A.

Background

On 9 April 2018, the merger between Generali Finance B.V. and Assicurazioni Generali S.p.A became effective and the issuer of the security changed to Assicurazioni Generali S.p.A.. Consequently, the security became subject to DL 239/1996.

Clearstream Banking has been informed of this change on 25 April 2018.

Impact on customers

As of the effective date of the merger the Italian tax must be calculated on accrued interest based on pro rata temporis. Tax exemption is available based on the eligibility criteria and tax procedure explained in our Market Taxation Guide Italy.

Customers holding the above securities and wanting to benefit from tax exemption on behalf of eligible beneficial owners must ensure the transfer of these securities to accounts already segregated and certified for Italian bonds or, if they do not have such accounts, to certify the existing ones.

Impacted customers will receive a separate SWIFT notification providing all the details required for the transfer.

Further information

For further information, customers may contact the Clearstream Banking Tax Help Desk.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.