|Dividend Policy||Dividends Trend||Dividend taxation|
The information below is a summary of the taxation applying to dividends paid from profits for the financial year received by individual shareholders. Taxation may vary in the case of distribution of dividends from profits for previous financial years and/or the distribution of reserves. Such information is based on Italian legislation and existing agreements between the EU, Italy and other countries. The legislation referred to may be subject to amendment and/or updates with possible retroactive effect. Furthermore, the information shown does not constitute a complete analysis of all applicable tax treatment. For further information please contact to your tax consultant.
Dividends paid in 2012 are entirely derived from net income and are subject to the following taxes:
* Qualified shareholding: shareholding carrying over 2% of the voting rights exercisable in the ordinary shareholders' meeting or exceeding 5% of the capital.
** The Convention applies when the reference rate is lower than that provided by general legislation.