Motion for Approval of the Annual Financial Report and Allocation of Net Income

Shareholders,

The financial year at December 31, 2011 closed with net income of euro 272,474,107.

The Board of Directors proposes to distribute a dividend, net of the required allocation to the legal reserve and gross of the required withholding taxes, of:

  • euro 0.27 for each ordinary share;
  • euro 0.34 for each savings share.

If you agree with our proposals, we ask you to pass the following

Resolutions

"The Shareholders’ Meeting:

  • having examined the Annual Financial Report at December 31, 2011;
  • having taken note of the report of the Board of Statutory Auditors;
  • having taken note of the report of the independent auditors;

Resolves

  1. to approve the financial statements of the Company for the year ended December 31, 2011, as presented by the Board of Directors, in their entirety and their individual captions, with the provisions proposed, which show a net income of euro 272,474,107;
  2. to allocate the 2011 net income of euro 272,474,107 as follows:
     
    5% to the legal reserve euro 13,623,705
    to the shareholders:  
    euro 0.27 (*) to each of the 475,388,592 (**) ordinary shares, for a total of euro 128,354,920
    euro 0.34 (*) to each of the 11,842,969 (***) savings shares, for a total of euro 4,026,610
    the remainder to retained earnings euro 126,468,872
    * Before the required withholding taxes. ** Net of the 351,590 ordinary shares currently held by the Company. *** Net of the 408,342 savings shares currently held by the Company.
  3. to authorise the directors, if the dividends specified at sub-indent b) above are paid prior to the sale of the treasury shares, to draw the amount of the dividend related to those shares from retained earnings and to allocate to that item the balance of the rounding that may result from the dividend payment operation;

The dividend for 2011 will be collectible from May 24, 2012, with coupon detachment date on May 21, 2012."