Important Notice

The Depository Trust Company

B #: 12889-20
Date: March 19, 2020
To: All Participants
Category: Dividends
From: International Services
Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers
Tax Relief – Country: ITALY
INTESA SANPAOLO S.P.A. CUSIP: 46115HAU1
Subject: Record Date: 09/02/2020 Payable Date: 09/17/2020
CA Web Cut-Off: 09/16/2020 8:00 P.M. ET

Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their
position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo
respectively before certifying their instructions over the CA Web.

Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and
comply with the information in the Legal Conditions category found on TaxInfo on the CA Web.

***Please read this Important Notice fully to ensure that the self‐certification document is sent to the agent 
by the indicated deadline*** 

Questions regarding this Important Notice may be directed to Acupay 212-422-1222.

Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy,
timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on
information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in
this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this
communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions,
delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any
special, consequential, exemplary, incidental or punitive damages.
To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that: (a) any discussion of federal tax issues
contained or referred to herein is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be
imposed under the Internal Revenue Code; and (b) as a matter of policy, DTC does not provide tax, legal or accounting advice and
accordingly, you should consult your own tax, legal and accounting advisor before engaging in any transaction.

DTCC offers enhanced access to all important notices via a Web-based subscription service.
The notification system leverages RSS Newsfeeds, providing significant benefits including
real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS
alerts, visit http://www.dtcc.com/subscription_form.php.   Non-Confidential
Intesa Sanpaolo S.p.A. (as issuer), Citibank, N.A. London Branch (as receipt issuer), and Acupay System LLC (Acupay, as tax
certification agent) are distributing this notice with regard to the below-described 144A receipts representing the issuer’s
notes (the notes). Interest and related income on the notes and receipts are subject to Italian substitute tax (“Italian
Substitute tax”), from which all beneficial owners tax resident in a “White List” country (which maintain no permanent
establishment in Italy) and central banks of all nations, and supra-national organizations recognized by Italy, are exempt,
subject to certain procedural conditions. The issuer has arranged with Acupay and Monte Titoli S.p.A. (Monte Titoli) to
provide an automated tax processing platform to assist eligible investors to receive exempt treatment on the U.S. receipts.
This notice describes the operation of the tax processing platform.
Intesa Sanpaolo S.p.A.
Issuer: By Citibank N.A., London Branch, as Depositary/Issuer for the Rule 144A Global Receipts
Security Type: Additional Tier 1 Notes (“AT 1 Notes”)
CUSIP / ISIN: 46115HAU1 / US46115HAU14 (“GROSS” CUSIP / ISIN)
Italy (Legislative Decree No. 239 of 1 April 1996 or any secondary legislation implementing the same,
Country Tax Regime: each as amended and/or supplementedfrom time to time). There is no tax for compliant exempt
investors who follow the procedures herein.
Next Record Date: September 2, 2020 (Wed)
Next Interest Payment September 17, 2020 (Thu)
Note: At the sole discretion of the Issuer – as more fully described in the terms and conditions of the Notes - interest in
Date:
respect of AT1 Notes may be suspended, cancelled, or reduced at any time.
Interest Rate: 7.700%
Tax Rates: 0% (exempt) with certification and procedural compliance.
26% without certification or procedural compliance.
Per-Settlement Reporting: Participants must report to Acupay all daily beneficial owner changes.
1:
Acupay Opens: March 17, 2020 9:00 AM (Tue) Acupay System remains available continuously
One-Time Italian Self-Certification Form With Custodian’s Confirmation: Valid indefinitely for each
2: beneficial owner listed, but must be signed by a representative at the custodian bank or beneficial owner
upon the first purchase of the receipts, and contemporaneously transmitted via the Acupay System.

Tax Relief Acupay Opens: March 17, 2020 9:00 AM (Tue) Acupay System remains available continuously
Requirements CA Web/Tax Relief Payment-Date Instructions: Prior to each interest payment date, reflecting properly
3: certified positions as of close of business on the night before interest payment date.
Acupay
Acupay Opens: March 17, 2020 9:00 AM (Tue) September 16, 2020 8:00 PM (Wed)
Deadline:
CA Web CA Web
Instruction September 3, 2020 9:00 AM (Thu) Instruction September 16, 2020 8:00 PM (Wed)
Opens: Deadline:

The information in this important notice is organized as follows:

Order Topic Location
1 Synopsis Page 2
2 Procedure (A): Continuing Settlement Date “Position Updates” Page 3
3 Procedure (B): Payment Date Processing via CA Web/Tax Relief Page 5
4 Direct refunds from the Italian tax authorities Page 6
5 No Tax Relief Processing Fees by Acupay Page 6
6 Further Information and Contacts Page 6
7 Annex A: “White List” Countries and lists of Supranational Entities and Central Banks Page 7
8 Annex B: Online Resources Page 13

1
Synopsis:
• Pursuant to Italian Legislative Decree n. 239 dated April 1, 1996, income (including interest) derived from
the receipts by:
• non‐Italian beneficial owners resident for tax purposes in a country which allows for a satisfactory
exchange of information with Italy (the ‘‘White List” – see Annex A);

• central banks of all nations (see Annex A); and

• supranational organizations like the World Bank, the U.N. and other such organizations recognized by
Italy (see Annex A);

will not be subject to Italian Substitute tax unless the beneficial owner and/or its DTC participant fails to
comply with the relevant tax residency certification and position reporting procedures as described below.

• Beneficial owners or their authorized representatives (including DTC participants) must sign a ONE-TIME
self-certification form contemporaneously with their first purchase of any of the notes.
• Each self-certification form will be kept on file for 10+ years in the Acupay CORE 1 LibraryTM where its image
can be viewed by the relevant DTC Participant and the local withholding agent, Monte Titoli, through an
Acupay System secure portal. Forms must be updated to reflect changes to client information.
• If all of the procedures laid out in this notice (and the related offering memorandum) are followed properly,
a signed and confirmed self-certification form will be able to support ongoing exemption from Italian
Substitute tax on both current and future purchases of the receipts.
• To receive exempt treatment for its beneficial owner clients each DTC participant is required to:
o Provide and continually update, via the Acupay System, a complete and accurate record of the
settlement of each transaction resulting in a change to the beneficial owner’s holdings in the
receipts; and
o Ensure that a valid self-certification form for each such beneficial owner is on file with Acupay.
If either of these two conditions is not met:
o The corresponding position in the ”GROSS”-paying CUSIP (or “X Receipt”), after a three-day warning
and cure period, will be subject to a procedure of mandatory exchange into an alternate “NET”-
paying CUSIP (or “N Receipt”).
 Interest on such exchanged position will be paid NET of Italian Substitute tax for the entire
interest accrual period.
 The N receipt position will be chilled in DTC and unable to be transferred via DTC until the
next interest payment date, in relation to whichinterest has neither been cancelled nor
suspended, as more fully described in the offering memorandum. In the event that the
interest payment is cancelled or suspended, there will be no transfers from the N receipt
allowed until the subsequent payment date.

1
Cerificate of Residence Eligible (CORE)
2
• The Acupay Italian Tax Compliance and Relief Procedures contained in Appendix B to the offering
memorandum dated January 8, 2016 and the Italian “White List” Countries and lists of Supranational
Entities and Central Banks are available at www.acupay.com/italy.

Procedure (A): Continuing Settlement Date “Position Updates”

1) To receive exempt treatment, the relevant DTC participant (or a downstream correspondent maintaining
a holding with a DTC Participant) must follow the steps below:
A. On or prior to 9:45 AM New York time on the first New York Business Day after each settlement date of
each and every transaction that results in either a positive or a negative change in beneficial holdings at
the participant in the CUSIP (either for a customer account, or the firm’s own position), each DTC
participant must transmit a report of each settled transaction through the Acupay System. Settlement
reports must be submitted for all transaction types, including buys, sells, free-deliveries and free-
receives.
B. The Acupay System will indicate in real-time whether or not a self-certification form is already on-file
in the Acupay CORE LibraryTM for each beneficial owner whose position is being increased. DTC
participants are able to view self-certification forms currently on file for their clients through their
Acupay System account.
C. If, on submission of new transaction settlement data, the Acupay System indicates that one or more
related beneficial owners do not already have a valid self-certification form on file, the system will
support the electronic production of a self-certification form for the relevant beneficial owners and a
KYC confirmation document.
i. Self-certification forms and KYC confirmation documents must be prepared online through the
facilities of Acupay (www.acupaysystem.com for DTC participants) and must contain an official
Acupay bar code.
ii. Once prepared via the Acupay System, self-certification forms and related KYC confirmations
should be printed, reviewed, and (if accurate and correct) signed by the DTC Participant (or its
downstream correspondent custodian) acting on the behalf of each beneficial owner. 2
iii. The Acupay System automatically generates relevant certification text for each type of
beneficial investor, including for partnerships and other tax transparent entities. 3 Instructions
and help-keys are available within the Acupay System. Assistance via email or by telephone is
also available free-of-charge from the Acupay teams in New York and London at the contact
details provided at the end of this notice.
NOTE: Self-certification forms will generally remain valid indefinitely for all of the Italian receipts serviced by Acupay in
which the beneficial owner may acquire a beneficial ownership interest and hold through an account in relation to which
a self-certification has already been received. However, prompt updates must be made should the investor’s
information change.

D. Transmit via fax or PDF/email via the Acupay System (to the email address or fax numbers indicated in
the Acupay System) the completed and signed self-certification form (and KYC confirmation document)

2
It is required that every self-certification be confirmed by a custodial intermediary using “Know Your Customer” principles.
3
There will be no need to supply information about the partners of many forms of collective investment partnerships, so long as the
partnerships are established in “White List” countries and are not maintained for the purpose of principally targeting Italian resident
investors.
3
 for receipt no later than 9:45 AM New City York time on the first New York business day after the
settlement date of a beneficial owner’s first purchase of any receipts.
E. Send via post or courier to Acupay each original, signed self-certification form and KYC confirmation
document that was previously faxed or emailed. The original paper, signed documents MUST be received
by Acupay by no later than 5:00 PM London time on the 10th calendar day of the month following the
month when the related “first purchase” of receipts occurs (or if such day is not a London Business Day,
the first London Business Day immediately preceding such day) at the following address:

Acupay System LLC

Certifications
Attn: A-Team
Unit 2
242 Kingsland Road
London E8 4DG
United Kingdom

NOTE: A DTC participant that obtains exemption from Italian Substitute tax and fails to provide to Acupay the original
self-certification form and KYC confirmation document by the above-indicated deadline may be prohibited from using
the CA Web / Tax Relief and related procedures to obtain favorable tax treatment for current and future interest
payments on all of the receipts held through such DTC participant. In such event, the DTC participant would receive the
interest payments on the entire position held on behalf of all beneficial owner clients net of the Italian Substitute tax and
relief would need to be obtained directly from the Italian tax authorities, in accordance with Italian law.

2) RESULTS OF FAILURE TO COMPLY WITH THESE PROCEDURES. If the beneficial owner or its DTC participant
fails to comply with the above procedures, the related position will be subject to a MANDATORY
EXCHANGE into the alternate N receipt which will be paid net of Italian Substitute tax and chilled from
transfer via DTC. Both the transfer chill and the unfavorable tax rate will continue to be applied until the
next interest payment date, in relation to which, interest has neither been cancelled nor suspended, at a
minimum, as described in the offering memorandum. The Italian Substitute tax will be assessed for the
entire interest accrual period (at the relevant rate(s) with respect to such period), irrespective of how long
the beneficial owner owned the security during such period.
A. A DTC participant holding a receipt position for which a MANDATORY EXCHANGE is required would
receive a Mandatory Exchange Warning Notice and (if the problem is not cured) a Mandatory Exchange
Notice from Citibank, N.A. London Branch (as receipt issuer) instructing such participant to undertake:
(i) a DWAC withdrawal operation prior to 11:30 AM New York time on the Exchange Deadline of the
indicated X receipt position, and
(ii) a corresponding DWAC deposit operation for the alternate N receipt.
B. In the event that an electronic report of the completion of the DWAC described in paragraph 2.A.i., has
not been received by Citibank through the facilities of DTC by the Exchange Deadline, Citibank shall
promptly thereafter send a notice to the relevant DTC participant indicating that such DTC participant
will receive interest payments on the entire position in the X receipts held by such DTC participant, net
of the applicable Italian Substitute tax, and relief would thereafter need to be obtained directly from the
Italian tax authorities following the direct refund procedure established by Italian law.
C. A DTC participant that was the subject of a Mandatory Exchange Notice and failed to complete the
required DWACs may be prohibited from using CA Web/Tax Relief and associated procedures to obtain

4
 favorable tax treatment for current and future interest payments on all Intesa receipts held through such
DTC participant.

Procedure (B): Payment-Date Processing via CA Web/Tax Relief

DTC participants holding positions on behalf of tax exempt beneficial owners for whom confirmed self-
certification forms are on file must make corresponding CA Web/Tax Relief Instructions requesting the
favorable (exempt) tax rate on behalf of the aggregate position of such beneficial owners prior to each
interest payment date in order to receive interest free of the Italian Substitute tax.
Steps:
Beginning on the first New York Business Day following each record date and continuing until 8:00 PM New
York time, the New York Business Day immediately preceding each interest payment date, DTC participants
must make CA Web/Tax Relief Instructions representing the portion of the notes held on behalf of properly
self-certified beneficial owners whose note holdings and related trade settlements have been reported via the
Acupay System, in accordance with the steps laid out below:
• All CA Web Instructions for favorable tax treatment MUST be supported with valid self-certification
forms which are on file with Acupay by the time the CA Web Instruction is made.
• DTC participants must ensure that CA Web Instructions entered into DTC, beneficial owner trade
settlement data, and self-certification forms maintained in the Acupay System, are synchronized and
updated to reflect any changes to beneficial ownership occurring up to 8:00 PM New York time on the
New York City Business Day before each interest payment date.
• If, at 9:45 AM New York time on the interest payment date, there are any inconsistencies between the
participant’s beneficial owner information and self-certification forms supplied and confirmed via Acupay,
such participant's CA Web Instructions, and its position at DTC, will be paid net of Italian Substitute tax (at
the relevant rate(s)) on its entire position held at DTC.
• DTC participants whose Acupay certifications and CA Web Instructions are out of alignment on the
morning of the interest payment date may ask DTC to manually modify their CA Web Instructions to bring
them into alignment by sending a Manual CA Web Instruction email to [email protected]
specifying (i) the DTC account, (ii) the total position in the receipts, (iii) the requested FAVORABLE election
and (iv) the requested UNFAVORABLE election, NO LATER THAN 9:45 AM NEW YORK TIME on the interest
payment date, with a copy to [email protected]. The Acupay System will remain accessible to DTC
participants to make any necessary updates of beneficial owner information or self-certification forms
through 9:45 AM New York time on the interest payment date.
NOTE: Participants using these CA Web / Tax Relief procedures via Acupay and Monte Titoli to obtain tax relief for
themselves or their clients must agree that:
The participant will immediately return to the Italian withholding agent (Monte Titoli S.p.A), any funds erroneously received as a
result of an improper CA Web Instruction or an improper request for tax exemption, or through a fraudulent submission of one
or more trade settlement reports or self-certification forms submitted by the participant via the Acupay System in support of such
requests or elections. In addition, the participant agrees to pay any interest, fines, FX losses, additions to tax or penalties thereon.
As a condition of requesting tax exemption through these procedures, the participant agrees that Monte Titoli S.p.A. (or Citibank,
as receipt issuer) may instruct DTC to effect a chargeback arising from the participant’s receipt of funds which results from an
improper CA Web Instruction or an improper request for tax exemption, or from a fraudulent submission of one or more trade
settlement reports or self-certification forms submitted by the participant via the Acupay System. DTC is authorized by the
participant to effect such chargeback and the participant agrees to such debit of its account to satisfy such chargeback.

5
Direct refunds from the Italian tax authorities:
Beneficial owners entitled to exemption from the Italian Substitute tax who have not (through their actions, or
the actions of their agents) timely followed the tax certification procedure as described herein, and therefore
have been subject to the imposition and collection of the Italian Substitute tax, may request a full refund of
the amount that has been collected directly from the Italian tax authorities.
Beneficial owners have up to the time period allowed pursuant to Italian law (currently, a maximum of 48
months as of the relevant interest payment date) to claim the amount withheld and paid to the Italian
treasury by filing with the Italian tax authorities (i) the relevant Italian tax form, (ii) proof of beneficial
ownership and related withholding of Italian substitute tax and (iii) a Government Tax Residency Certificate.
Beneficial owners should consult their tax advisors on the procedures required under Italian tax law to recoup
the Italian Substitute tax in these circumstances.
Investors with questions about obtaining a direct refund should contact the Acupay team.

. . . . .
No Tax Relief Processing Fees by Acupay:
No tax relief processing fees will be charged by Acupay to beneficial owners or custodians / intermediaries for
the tax relief procedures described on pages 1 to 5 of this document.

. . . . .
Further Information and Contacts:
Questions regarding any aspect of the Intesa receipts or these procedures should be directed to Amanda
Milito in New York at +1-212-422-1222 / [email protected] or Maria Corona in London at +44-207-382-
0340 /[email protected].

6
 Annex A
Italian “White List” Countries
And Lists of Supranational Entities and Central Banks
(Identified by Acupay System LLC as of March 17, 2020)
In order to qualify as eligible to receive Interest, free from Italian Substitute Tax, among other things, Noteholders must be resident,
for tax purposes, in, or be "institutional investors" established in, a country which the Italian government identifies as allowing for a
satisfactory exchange of information with Italy (the “White List States”). Subject to certain limited exceptions, such as for Central
Banks (see list below) and supranational bodies established in accordance with international agreements in force in Italy (see list
below), this residency requirement applies to all ultimate holders of Notes, including ultimate beneficiaries of Interest payments
under the Notes holding via sub-accounts to which interests in the Notes may be allocated upon purchase, or thereafter. As of
March 17, 2020, the White List nations included the following states:
White List States
Albania Czech Republic Liechtenstein Serbia
Alderney (Channel Islands) Denmark Lithuania Seychelles
Algeria Ecuador Luxembourg Singapore
Andorra, Principality of Egypt Macedonia Sint Maarten
Anguilla, The Island of Estonia Malaysia Slovak Republic
Argentina Ethiopia Malta Slovenia
Armenia Faroe Islands Mauritius South Africa
Aruba Finland Mexico Korea, Republic of
Australia France Moldova Spain
Austria Georgia Monaco, Principality of Sri Lanka
Azerbaijan Germany Montenegro Sweden
Bangladesh Ghana Montserrat Switzerland
Barbados, The Island of Gibraltar Morocco Syria
Belarus Greece Mozambique Tajikistan
Belgium Greenland Nauru, Republic of Taiwan
Belize Guernsey (Channel Islands) Netherlands Tanzania
Bermuda Islands, The Herm (Channel Islands) New Zealand Thailand
Bosnia and Herzegovina Holy See (Vatican City State) Nigeria Trinidad and Tobago
Brazil Hong Kong Niue Tunisia
British Virgin Islands Hungary Norway Turkey
Bulgaria Iceland Oman Turkmenistan
Cameroon India Pakistan Turks and Caicos Islands
Canada Indonesia Philippines Uganda
Cayman Islands Ireland Poland Ukraine
Chile Isle of Man Portugal United Arab Emirates
China Israel Qatar United Kingdom
Colombia Japan Romania United States of America
Congo, Republic of Jersey (Channel Islands) Russian Federation Uruguay
Cook Islands Jordan Saint Kitts and Nevis Uzbekistan
Costa Rica Kazakhstan Saint Vincent & the Grenadines Venezuela
Cote d’Ivoire Kuwait Samoa Vietnam
Croatia Kyrgyzstan San Marino Zambia
Curaçao Latvia Saudi Arabia
Cyprus Lebanon Senegal
List is as of March 17, 2020

Please check the Acupay website for updates to this list.

The White List is subject to continuing changes in accordance with official actions by the government of Italy. Acupay has made
arrangements to monitor these changes and will publish its findings on its website. Acupay currently expects to update this website
monthly on the first calendar day of each month, to report changes to the White List which have come to the attention of Acupay
through and including the 21st calendar day of the preceding month. In the event that the list appearing on the Acupay website is
different from the official list maintained by the government of Italy, the government list will naturally govern.

7
 List of Supranational Bodies
established in accordance with international agreements in force in Italy
African Development Bank International Institute of Technology and Management (IIMT)
African Development Fund (ADF) International Maritime Organization (IMSO)
Asian Development Bank International Telecommunications Satellite Organization
(INTELSAT)
Bank for International Settlements (BIS) Multilateral Investment Guarantee Agency (MIGA)
Caribbean Development Bank (CDB) Multinational Force and Observers (MFO)
Council of Europe Nature Inspired Cooperative Strategies for Optimization
(N.I.C.S.O.)
European Atomic Energy Community (EURATOM) North Atlantic Treaty Organization (NATO)
European Bank for Reconstruction and Development (EBRD) Organisation for Economic Co-operation and Development
(OECD)
European Commission (EC) United Nations (UN)
European Company for the Financing of Railroad Rolling Stock United Nations: Food and Agriculture Organization of the
(EUROFIMA) United Nations (FAO)
European Investment Bank (EIB) United Nations: International Bank for Reconstruction and
Development (IBRD )
European Southern Observatory (ESO) United Nations: International Centre for Settlements of
Investment Disputes (ICSID)
European Space Agency (ESA) United Nations: International Civil Aviation Organization
(ICAO)
European Space Research Organisation (ESRO) United Nations: International Development Association (IDA )
European Telecommunications Satellite Organization United Nations: International Finance Corporation (IFC )
(EUTELSAT)
European Union (EU) United Nations: International Fund for Agricultural
Development (IFAD)
European University Institute (EUI) United Nations: International Labour Organization (ILO)
International Finance Corporation (IFC) United Nations: International Maritime Organization (IMO)
Food and Agriculture Organization of the United Nations United Nations: International Monetary Fund (IMF)
(FAO)
Inter-American Development Bank (EI BID) United Nations: International Telecommunication Union (ITU)
Inter-American investment corporation (IIC) United Nations: Multilateral Investment Guarantee Agency
(MIGA )
International Atomic Energy Agency (IAEA) United Nations: United Nations Educational, Scientific and
Cultural Organization (UNESCO)
International Bank for Reconstruction and Development United Nations: United Nations Industrial Development
(IBRD) Organization (UNIDO)
International Centre for Genetic Engineering and United Nations: Universal Postal Union (UPU)
Biotechnology (ICGEB)
International Centre for the Study of the Preservation and United Nations: World Health Organization (WHO )
Restoration of Cultural Property (ICCROM)
International Development Association (IDA) United Nations: World Intellectual Property Organization
(WIPO)
International Funds for Mediterranean Agronomics Education United Nations: World Meteorological Organization (WMO)
International Institute for the Unification of Private Law United Nations: World Tourism Organization (WTO)
(UNIDROIT)
List is as of March 17, 2020

8
 List of Central Banks
List is Dated as of March 17, 2020
Country Central Bank Name
Afghanistan Bank of Afghanistan
Albania The Bank of Albania
Algeria Bank of Algeria
Angola National Bank of Angola
Anguilla Eastern Caribbean Central Bank
Antigua and Barbuda Eastern Caribbean Central Bank
Argentina Central Bank of Argentina
Armenia Central Bank of Armenia (CBA)
Aruba Central Bank of Aruba
Australia Reserve Bank of Australia
Austria Central Bank of Austria
Azerbaijan Central Bank of the Republic of Azerbaijan
Bahamas Central Bank of The Bahamas
Bahrain Central Bank of Bahrain
Bangladesh Bangladesh Bank
Barbados Central Bank of Barbados
Belarus National Bank of the Republic of Belarus
Belgium National Bank of Belgium
Belize Central Bank of Belize
Benin Central Bank of West African States (BCEAO)
Bermuda Islands, The Bermuda Monetary Authority
Bhutan Royal Monetary Authority of Bhutan
Bolivia Central Bank of Bolivia
Bosnia and Herzegovina The Central Bank of Bosnia and Herzegovina (CBBH)
Botswana Bank of Botswana
Brazil Central Bank of Brazil
Brunei Darussalam The Brunei Currency and Monetary Board (BCMB)
Bulgaria Bulgarian National Bank (BNB)
Burkina Faso Central Bank of West African States (BCEAO)
Burundi Bank of the Republic of Burundi
Cambodia National Bank of Cambodia
Cameroon Bank of Central African States
Canada Bank of Canada
Cape Verde The Bank of Cape Verde
Cayman Islands Cayman Islands Monetary Authority
Central African Republic Bank of Central African States
Chad Bank of Central African States
Chile Central Bank of Chile
China The People's Bank of China
Colombia Bank of the Republic
Comoros Central Bank of Comoros
Congo, Democratic Republic of Central Bank of the Congo
Congo, Republic of Bank of Central African States
Costa Rica Central Bank of Costa Rica
Cote d'Ivoire Central Bank of West African States (BCEAO)
Croatia Croatian National Bank
Cuba Central Bank of Cuba
Curaçao Central Bank of Curaçao and Sint Maarten
9
 List of Central Banks
List is Dated as of March 17, 2020
Cyprus Central Bank of Cyprus
Czech Republic Czech National Bank
Denmark National Bank of Denmark
Djibouti The Central Bank of Djibouti
Dominica Eastern Caribbean Central Bank
Dominican Rep. Central Bank of the Dominican Republic
Ecuador Central Bank of Ecuador
Egypt Central Bank of Egypt
El Salvador Central Reserve Bank of El Salvador
Equatorial Guinea Bank of Central African States
Eritrea The Bank of Eritrea
Estonia Bank of Estonia
Ethiopia National Bank of Ethiopia
Fiji Reserve Bank of Fiji
Finland Bank of Finland
France Bank of France
Gabon Bank of Central African States
Gambia Central Bank of The Gambia
Georgia National Bank of Georgia
Germany The Deutsche Bundesbank
Ghana Bank of Ghana
Greece Bank of Greece
Grenada Eastern Caribbean Central Bank
Guatemala Bank of Guatemala
Guinea The Central Bank of the Republic of Guinea
Guinea-Bissau Central Bank of West African States (BCEAO)
Guyana Bank of Guyana
Haiti Central Bank of Haiti
Holy See (Vatican City State) Administration of the Patrimony of the Apostolic See
Honduras Central Bank of Honduras
Hong Kong Hong Kong Monetary Authority
Hungary The Magyar Nemzeti Bank
Iceland Central Bank of Iceland
India Reserve Bank of India
Indonesia Bank Indonesia
Iran The Central Bank of the Islamic Republic of Iran
Iraq Central Bank of Iraq
Ireland Central Bank and Financial Services Authority of Ireland
Israel Bank of Israel
Italy Bank of Italy
Jamaica Bank of Jamaica
Japan Bank of Japan
Jordan Central Bank of Jordan
Kazakhstan National Bank of Kazakhstan
Kenya Central Bank of Kenya
Korea, Democratic People's Republic of Central Bank of the Democratic People's Republic of Korea
Korea, Republic of Bank of Korea
Kuwait Central Bank of Kuwait
Kyrgyzstan National Bank of the Kyrgyz Republic

10
 List of Central Banks
List is Dated as of March 17, 2020
Lao People’s Democratic Republic Bank of Lao
Latvia The Bank of Latvia
Lebanon Central Bank of Lebanon
Lesotho Central Bank of Lesotho
Liberia Central Bank of Liberia
Libya Central Bank of Libya
Liechtenstein National Bank of Liechtenstein
Lithuania Bank of Lithuania
Luxembourg Central Bank of Luxembourg
Macedonia National Bank of the Republic of Macedonia
Madagascar Central Bank of Madagascar
Malawi Reserve Bank of Malawi
Malaysia Central Bank of Malaysia
Maldives Maldives Monetary Authority
Mali Central Bank of West African States (BCEAO)
Malta Central Bank of Malta
Mauritania The Central Bank of Mauritania
Mauritius Bank of Mauritius
Mexico Bank of Mexico
Moldova National Bank of Moldova
Mongolia Bank of Mongolia
Montenegro Central Bank of Montenegro
Montserrat Eastern Caribbean Central Bank
Morocco Bank of Morocco
Mozambique Bank of Mozambique
Myanmar Central Bank of Myanmar
Namibia Bank of Namibia
Nauru Nauru bank
Nepal Nepal Rastra Bank (NRB)
Netherlands Netherlands Bank
New Zealand Reserve Bank of New Zealand
Nicaragua Central Bank of Nicaragua
Niger Central Bank of West African States (BCEAO)
Nigeria Central Bank of Nigeria
Norway Central Bank of Norway
Oman Central Bank of Oman
Pakistan State Bank of Pakistan
Papua New Guinea Bank of Papua New Guinea
Paraguay Central Bank of Paraguay
Peru Central Reserve Bank of Peru
Philippines Bangko Sentral ng Pilipinas
Poland National Bank of Poland
Portugal Bank of Portugal
Qatar Qatar Central Bank
Romania National Bank of Romania
Russian Federation Central Bank of Russia
Rwanda National Bank of Rwanda
Saint Kitts & Nevis Eastern Caribbean Central Bank
Saint Lucia Eastern Caribbean Central Bank

11
 List of Central Banks
List is Dated as of March 17, 2020
Saint Vincent & the Grenadines Eastern Caribbean Central Bank
Samoa Central Bank of Samoa
San Marino Central Bank of the Republic of San Marino
Sao Tome and Principe Central Bank of São Tomé and Príncipe
Saudi Arabia Saudi Arabian Monetary Agency (SAMA)
Senegal Central Bank of West African States (BCEAO)
Serbia National Bank of Serbia
Seychelles Central Bank of Seychelles
Sierra Leone Bank of Sierra Leone
Singapore Monetary Authority of Singapore
Sint Maarten Central Bank of Curaçao and Sint Maarten
Slovakia National Bank of Slovakia
Slovenia The Bank of Slovenia
Solomon Islands Central Bank of Solomon Islands
Somalia The Central Bank of Somalia
South Africa South African Reserve Bank
Spain Bank of Spain
Sri Lanka Central Bank of Sri Lanka
Sudan Bank of Sudan
Suriname Central Bank of Suriname
Swaziland The Central Bank of Swaziland
Sweden The Riksbank
Switzerland Swiss National Bank
Syria Central Bank of Syria
Taiwan Central Bank of the Republic of China
Tajikistan National Bank of Tajikistan
Tanzania Bank of Tanzania
Thailand Bank of Thailand
Timor-Leste The Banking and Payments Authority of Timor-Leste
(to be succeeded by the Central Bank of Timor-Leste)
Togo Central Bank of West African States (BCEAO)
Tonga National Reserve Bank of Tonga
Trinidad and Tobago Central Bank of Trinidad and Tobago
Tunisia Central Bank of Tunisia
Turkey Central Bank of the Republic of Turkey
Turkmenistan The Central Bank of Turkmenistan
Uganda Bank of Uganda
Ukraine National Bank of Ukraine
United Arab Emirates Central Bank of United Arab Emirates
United Kingdom Bank of England
United States The Federal Reserve
Uruguay Central Bank of Uruguay
Uzbekistan Central Bank of the Republic of Uzbekistan
Vanuatu Reserve Bank of Vanuatu
Venezuela Central Bank of Venezuela
Vietnam The State Bank of Vietnam
Yemen Central Bank of Yemen
Zambia Bank of Zambia
Zimbabwe Reserve Bank of Zimbabwe

12
 Annex B

Online Resources

Acupay System for DTC participants and downstream correspondents to

undertake all of the steps described in this notice.

www.acupaysystem.com

Acupay Italian Tax Compliance and Relief Procedures contained in

Annex B to the offering memorandum dated January 8, 2016.
Italian “White List” Countries and
Lists of Supranational Entities and Central Banks
(Identified by Acupay System LLC as of the 21st day of each month).

www.acupay.com/italy

13