Prospectus - Notowania

4.11.2 Germany
The following section provides a short summary of certain substantial German tax
principles which are or may become relevant in relation to the acquisition, possession
or transfer of shares by shareholders residing in Germany. The present summary is
not meant to provide a detailed or complete description of all tax evaluations which
may pertain to shareholders fiscally residing in Germany. The summary is based on
the German tax laws in force on the Date of the Prospectus and on the treaty against
double taxation currently in force between Italy and Germany. There is also a
description of some changes in the taxation on shareholders, introduced by the 2008
German Law Reforming Taxes on Companies (Unternehmenssteuerreformgesetz
2008) which will come into force in the tax periods starting from 2009. It should be
noted that laws and treaties may change, and such changes may also have retroactive
effect. The above also applies for the rules that govern the reimbursement of any tax
withheld (Kapitalertragsteuer) applied.
The tax information illustrated in the Prospectus does not replace personalised tax
advice. Potential purchasers of shares offered with this document are invited to
consult their tax advisors in relation to the fiscal consequences of the acquisition,
possession and disposal of the shares. The specific situation of each shareholder can
be adequately analysed only through personal tax advice.
Taxation of Shareholders Residing in Germany
Shareholders residing in Germany are taxed in relation to the possession of shares
(taxation of dividends), to the sale of shares or subscription rights (taxation on capital
gains) and to the gratuitous transfer of shares (inheritance and donations tax). Starting
from the 2009 tax period, taxation at the shareholder level was subjected to substantial
changes as a consequence of the introduction of a fixed rate tax (Abgeltungsteuer) and
of other changes of German laws on income taxes. The Prospectus describes the
taxation of dividends and of capital gains solely in accordance with the tax laws
applicable starting from the 2009 tax period.
The German Withholding Tax on Dividends and Capital Gains
The payment of dividends on shares and the capital gains deriving from the sale of
shares are generally subject to a withholding tax of 25% plus a solidarity surtax of
5.5% (for a total rate of 26.375%) and, at the individual shareholder’s request, of a
church tax if the shareholder is subject to taxation in Germany and a payment agent
residing in Germany (German financial institutions, German financial service
providers, German branches of a foreign financial institutions or of a foreign financial
services provider, a German company or bank specialised in securities trading) has the
custody of, or administers the shares or provides for the sale of shares and pays or
credits the dividends or, as the case may be, the proceeds from the sale. The
withholding tax is not applied by a payment agent residing in Germany on the
dividends paid and the capital gains of shares if the shares are possessed for enjoyment
by a German financial institution, a German financial service provider, a German
branch of a foreign financial institution or by a foreign financial service provider or by
a German investment firm. The shareholders who present to their custodian bank a
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