This arrangement entails monetisation over a 5-year maturity of VAT receivables (Crediti IVA) owned by Unicredit SpA towards the Italian Tax Authorities, such tax receivables being transferred without recourse to Société Générale Milan (cessione pro-soluto). Assignment is executed under the Italian Civil Code and - as is customary for receivables toward public administration - notified to the Italian Tax Authority who is expected to pay the tax receivables, the accrued and accruing interest directly to Société Générale Corporate & Investment Banking. The deal - settled December 29, 2008 - is the fifth tax monetisation (TAM) signed with an Italian main banking group since the beginning of the TAM campaign four years ago, the second TAM for Unicredit Group (after the Capitalia TAM for EUR 495m of Corporate Income Tax credits executed in November 2006) and the third TAM in relation to VAT credits.

SG CIB role: Sole Arranger and Purchaser