(v) paragraph II of the Agreement (Tax Event) shall not apply to any Transaction by virtue of any Italian Bonds ceasing to be Securities in respect of which a deduction or withholding on account of Italian tax is required to be made in respect of a payment of Income to such an owner as is referred to in subparagraph (i) above. (b) For the purposes of this paragraph "Italian Bonds" means any Securities which are issued by the Italian government or local authorities (or the Securities which for Italian tax purposes am treated likewise) or by other entities and to which the provisions of Legislative Decree no. 239 of 1st ApriL 1996, as amended. granting a special tax treatment will apply. 43 f'onfulcniial CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0048519 CONFIDENTIAL SDNY_GM_00194703 EFTA01360272