Prospectus - Notowania

esolution following the one pertaining to the profit of the year ongoing as at
December 31, 2007, the profits produced by the company until that date are
considered distributed by priority.
Partnerships, joint-stock companies and business entities
The dividends collected by general partnerships, limited partnerships and
equivalents (excluding non-business associations) as per Article 5, Italian
Presidential Decree 917/1986, and by persons subject to the income tax on
companies (“IRES”) as per Article 73, first Paragraph, Letters a) and b), Italian
Presidential Decree 917/1986, i.e. by joint-stock companies, limited partnerships,
limited liability companies, public and private entities whose exclusive or main
purpose is to perform commercial activities, fiscally residing in Italy, are not
subject to withholding tax or substitute tax.
In particular, the dividends collected by:
− partnerships (e.g., general partnerships and limited partnerships), partially
contribute to the formation of the total taxable income of the percipient
shareholder for 49.72% of the related amount, with reference to the dividends
distributed on profits produced starting from the year following the one
ongoing as at December 31, 2007;
− persons subject to IRES (e.g., joint-stock companies and limited partnerships
in which the interests of limited partners are represented by shares), contribute
to firm the total taxable income of the percipient for only 5% of their amount,
subject to ordinary rate, currently 27.5%. The dividends collected by
companies that prepare the financial statements in accordance with
International Accounting Standards, in relation to shares held for trading,
contribute to the formation of taxable income for their entire amount.
Non Commercial Entities
The dividends collected by the entities as per Article 73, First Paragraph,
Letter c) Presidential Decree 917/1986, i.e. by public and private entities,
other than companies, whose exclusive or main purpose is not to perform
commercial activities, are not subject to any withholding tax or substitute tax
and they contribute to the formation of the IRES taxable income of said
entities for 5% of their amount.
Exempt Persons
The dividends collected by IRES exempt persons are subject to a withholding
tax with the rate of 27%. However, on the dividends distributed on profits
deriving from shares inserted in the centralised deposit system managed by
Monte Titoli, such as the Shares, a tax substituting income tax, drawn with the
same rate of 27%, is applied in lieu of the aforesaid withholding tax.
Real Estate Mutual Funds
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