The Depository Trust Company IMPORTANT REVISION OF B# COMPANY DETAIL CORRECTION

Transcription

1 The Depository Trust Company IMPORTANT REVISION OF B# COMPANY DETAIL CORRECTION B#: 4956 DATE: June 23, 2003 TO: All Participants CATEGORY: FROM: Dividends Frederick Ceraso, Sr. Specialist, International Services ATTENTION: Operations, Reorg & Dividend Managers, Partners & Cashiers SUBJECT: Procedures for certain tax refunds - Country: Italy LA RINASCENTE S.p.A. CUSIP: Record Date: 06/23/03 Payable Date: 07/14/03 Jjj The Depository Trust Company has received from Citigroup/Globe Tax Services, Inc ( GTS ) the attached information regarding certain tax refunds on the above captioned dividend. As directed in the notice, participants that have qualified beneficial holders that expect to benefit from this procedure should secure the required documentation. Any questions regarding the procedure should be directed to David Reynolds of Citigroup/Globe Tax Services at

2 LA RINASCENTE ANNOUNCES TAX RELIEF AT SOURCE PROCEDURE FOR US & CANADIAN * RESIDENTS Important Notice Rome, Italy May 30, 2003, LA RINASCENTE S.p.A. ("LA RINASCENTE"), (LARCY), CUSIP , has announced a plan to assist its US resident holders of ADRs in reducing tax liability in Italy from 27% to 15%, in accordance with the Treaty between Italy and the United States of America for the Avoidance of Double Taxation ( Treaty ). The dividend of.1064 Euros per Ordinary share is subject to 27% withholding. Holders over the ADR Record Date, June 23, 2003, are eligible for a 12% tax reclaim. By submitting to Citigroup ("Citigroup") the required documents by the dates indicated, US holders of ADRs representing ordinary shares of LA RINASCENTE, will enable Citigroup as ADR Depositary to pay the dividend at the reduced withholding tax rate of 15%. The procedure will be managed as follows: (a) on ADR payment date, scheduled for July 14, 2003, dividends will be paid less the entire amount of withholding tax under Italian law (currently 27%). (b) At the same time, Citigroup will process and forward to the custodian all applications requesting the reduced withholding tax rate. (c) Citigroup will process the funds at the prevailing exchange rate on the day the refund is made. (d) Refund checks will be issued shortly thereafter. US residents (as defined in the Treaty), who hold their ADRs in street name (through a bank or broker) or within the Depository Trust Company ( DTC ) and wish to avail themselves of this benefit afforded by the Treaty must submit documentation with respect to each dividend payment through their nominees or DTC participants. The nominees or DTC participants will then forward the documents to Citigroup at the address noted below together with a cover letter (labeled as Sample Format for Cover Letter to Citigroup in the attached package) indicating the names of their clients, tax identification number, number of ADRs and number of foreign shares corresponding to the ADRs. Documents to be submitted for each beneficial holder are as follows: 1. Form 6166* (Certification of Residency) An original Form 6166 issued by the Internal Revenue Service, which states the name and the Social Security number or Tax ID number (TIN) of the beneficial owner of the ADR. The 6166 must be dated within the year the dividend paid and is valid until March 31 st of the year following the dividend. (See Exhibit A for sample) It is important that these forms be requested early enough, since they may take several weeks to obtain. 2. Form CBDIV03 - requesting the dividend be paid at the reduced withholding tax rate of 15%. A copy of this form must be completed and signed (only signed originals will be accepted) by each beneficial owner. Instructions and Guide (Exhibit B) on how to complete this form are attached. * Canadian residents must also complete the Form CBDIV03 and apply to the Canadian Revenue for proper Certification. To obtain copies of this form and a how to complete instruction packet, call David Reynolds of Citigroup N.A / Globe Tax Services, Inc. at

3 LA RINASCENTE S.p.A.- TAX RELIEF AT SOURCE IMPORTANT NOTICE 3. Power of Attorney/Trust Agreement - If the beneficial owner is not signing the Form CBDIV03, a copy of the power of attorney giving the custodian the authority to sign on the beneficial owner s behalf must be provided. Please note that the agreements must be originals and have a notary signature. 4. Cover Letter - Beneficial owners who hold their ADRs in street name (through a bank or broker) within the Depository Trust Company ( DTC ) must submit their Certification of tax reclaim to Citigroup along with a cover letter which states the name and address of each ADR beneficial owner and the number of ADRs held by each on the record date June 23, The format for the cover letter can be found on the following page of this notice (Exhibit C). DTC Participants must mail all CBDIV03, Form 6166, and Power of Attorney (if applicable) along with their cover letter to: Citigroup/Globe Tax Services, Inc., 90 Broad Street - 8th Floor, New York, NY , Attention: LA RINASCENTE/Italian ADRs Citigroup must receive all documents no later than June 25, 2003, in order to meet the Simplified Procedure filing deadline. Thereafter, any request for a refund of excess withholding tax will be submitted to the Italian Tax Authorities via Citigroup. All reduced withholding tax applications are subject to a minimum service charge of $25.00 withheld by the ADR Depositary. Applications requesting a refund under $25.00 (equivalent to a minimum reclaim of approximately 500 ADRs) will not be processed. A schedule of the applicable service charge is available upon request. ADR RECORD DATE: June 23, 2003 ADR PAY DATE: July 14, 2003 SIMPLIFIED PROCEDURE June 25, 2003 DEADLINE: FINAL DEADLINE FOR April 1, 2007 LONG FORM CLAIMS: MINIMUM # ADRs REQUIRED TO CLAIM: 500 GROSS DIVIDEND RATE:.1064 Euro per Ordinary Share

4 LA RINASCENTE TAX RELIEF AT SOURCE PROCEDURES INSTRUCTIONS FOR BENEFICIAL OWNERS (U.S. RESIDENTS ONLY) Please read these instructions carefully before completing any documentation Step I. - The following are instructions for the completion of the IRS request letter for a certification of residency document ("Form 6166"), the Form CBDIV03, and Power of Attorney (if applicable). A. - How to Obtain a Form Request Letter The sample request letter to the IRS (see "Sample Form 6166 Request" attached) must be used as a guide when producing a request letter. The request letter must be completed and signed by the beneficiary or legal representative and submitted to the IRS. The purpose of the request is to obtain a certificate of residency document (Form 6166) from the IRS for tax treaty benefits in Italy. This will enable Citigroup to apply on your behalf for the reduced tax treaty rate on the upcoming dividend. Please note: 6166s must be dated within the year of the dividend (Year 2003) and are valid until March 31 st of the year following the dividend. After you have completed the Form 6166 request, please submit the request to the IRS at the following address: Internal Revenue Service, P.O. Box FIRPTA Unit DP# 543, Philadelphia, PA Phone: (215) B. CBDIV03 - The sample (see Exhibit B) must be used as a guide when completing the CBDIV03. How to complete: 1. Section I Statement of the Recipient or of the Legal Representative The beneficial owner or their legal representative must complete this section. Please complete the following lines with the corresponding information: (Please note these categories ARE NOT Optional; they must be completed) The Beneficiary Name of the beneficial owner Resident In Country of Residence Full Address Address of the Beneficial Owner Fiscal Code Tax ID # of Beneficial Owner Enter the Beneficial Owner s country of residence in the four blanks in the paragraphs below Declares. This section must be signed, stamped and dated by either beneficial owner or their legal representative. If the beneficial owner is not signing, a copy of the power of attorney giving the custodian the authority to sign on their behalf must be provided. Please note that the agreements must be originals and have a notary signature. 2. Section II Foreign Fiscal Authorities Declaration This section does not need to be completed. The form 6166 acts in the same capacity. PLEASE DO NOT WRITE IN THIS SECTION. Step II. After the IRS produces and sends you the original certification of residency, please send the 6166, the Form CBDIV03, Power of Attorney (if applicable) and format cover letter to the Citigroup/Globe Tax Services, Inc. address indicated in the previous section. If you have any questions, please do not hesitate to contact David Reynolds at Citigroup/Globe Tax Services must receive all documents no later than June 25, 2003 for Simplified Procedure filing deadline.

5 Please note: Claims submitted after the final simplified procedure deadline of June 25, 2003 may be submitted under the traditional long form process up to April 1, The Italian Financial Act for year 2001 has extended the period to claim long form from 18 months to 48 months from dividend ex-date for dividends that were not expired on January 1, However, be advised it is always more advantageous to claim earlier. APPLICATIONS FOR THE REDUCED WITHHOLDING TAX RATE OF 15% ARE SUBJECT TO A MINIMUM DEPOSITARY SERVICE CHARGE OF $ APPLICATIONS REQUESTING A REFUND UNDER $25.00 (EQUIVALENT TO A MINIMUM RECLAIM OF APPROXIMATELY 500 ADRs) WILL NOT BE PROCESSED. A SCHEDULE OF THE APPLICABLE SERVICE CHARGE IS AVAILABLE UPON REQUEST.

6 EXHIBIT C COVER LETTER REQUIRED FOR ITALIAN TAX RECLAIM FILINGS THIS DOCUMENT MUST BE PREPARED ON THE DTC PARTICIPANT=S LETTERHEAD [DATE] Citigroup/Globe Tax Services, Inc. 90 Broad Street - 8th Floor New York, NY Attn: LA RINASCENTE Tax Reclaim (Italy) Enclosed please find withholding tax reclamation documents which we have submitted on behalf of our client (s) who have had excess tax withheld on Italian ADRs. We, (DTC Participant), also identified as DTC participant number (xxx), hereby state that each beneficial owner cited below held the respective amount of shares on the record date of June 23, 2003 for the security LA RINASCENTE (CUSIP: ) Below is the list of beneficial owners and their holdings, which total [TOTAL NUMBER OF ADRs CITED BELOW] ADRs. As required, CBDIV03, a certification of residency document (Form 6166 for US residents), and an original Power of Attorney if applicable are enclosed. The ratio is 1 ADRs equals 5 Ordinary Shares. The information is as follows: Names & Address of beneficial owner Taxpayer I.D. # # ADRs held # Ordinary Shares etc. We ask that Citigroup, as Depositary, validate these excess withholding tax refund requests for the abovementioned beneficial owner(s). Please contact the undersigned at [SIGNATORY=S TELEPHONE NUMBER] should you have any questions. PAYMENT ADDRESS: Citigroup is not liable for failure to secure the refund and any funds erroneously received shall be immediately returned to Citigroup, including interest, additions to tax or penalties thereon. This is not tax advice. Please consult your tax advisor. The ADRs/Shares supporting this tax reclaim are based upon ordinary shares which were held by the Depositary, or its custodian, on the record date and were not acquired from any entity that has represented to Citigroup, that the share position is not eligible for any tax reclaim Sincerely, [Signature of authorized DTC participant signatory] [NAME AND TITLE OF AUTHORIZED DTC PARTICIPANT SIGNATORY]

7 EXHIBIT A - SAMPLE FORM 6166 REQUEST USE THIS AS A GUIDE WHEN CREATING YOUR OWN REQUEST LETTER [DATE] Internal Revenue Service P.O. Box Firpta Unit DP #543 Philadelphia, PA I, [BENEFICIAL OWNER NAME], having taxpayer identification number [BENEFICIAL OWNER'S TAXPAYER IDENTIFICATION NUMBER] am in process of applying for tax treaty benefits in Italy. To facilitate this, I am requesting certification from the U.S. Internal Revenue Service (Form 6166) of the following representations which I hereby make under penalty of perjury: I represent that [BENEFICIAL OWNER'S LEGAL NAME]: am a resident in the United States at: [BENEFICIAL OWNER'S LEGAL ADDRESS] have no permanent establishment in Italy within the meaning of Article 5 of the Income Tax Convention between the United States and Italy, and last filed U.S. Income Tax Form [FORM NAME] for the tax year ending [TAX YEAR] Please forward a Form 6166 certification to the following address on my behalf: [DTC PARTICIPANT ADDRESS] [DTC PARTICIPANT ADDRESS] [DTC PARTICIPANT ADDRESS] [BENEFICIAL OWNER SIGNATURE]

8 CBDIV03 MODELLO DI ATTESTAZIONE PER L'APPLICAZIONE DELLA RITENUTA RIDOTTA SU DIVIDENDI DISTRIBUITI DA SOCIETA' ITALIANE REQUEST FOR THE APPLICATION OF THE REDUCED WITHHOLDING TAX ON DIVIDENDS DISTRIBUTED BY ITALIAN COMPANIES Dichiaraz ione presentata da soggetti residenti in in virtu' del Trattato contro le Doppie Declaration submitted by companies residents in _Beneficial Owner s country of residence _according to the Convention for the Imposizioni stipulato tra la Repubblica Italiana e firmato il avoidance of Double Taxation between Italy and The United States signed on 17 April 1984 ratificato il ratified on Sezione I/Section I Il Beneficiario the Beneficiary residente in resident in DICHIARAZIONE DEL BENEFICIARIO OVVERO DEL RAPPRESENTANTE LEGALE STATEMENT OF THE RECIPIENT OR OF THE LEGAL REPRESENTATIVE Benefical Owner s Name Beneficial Owner s Country of Residence indirizzo complete Beneficial Owner s Complete Address full address codice fiscale fiscal code Beneficial Owner s Tax ID se persona fisica, luogo e data di nascita Date and Place of Birth (If Beneficial Owner is Individual)_for individual, date and place of birth dichiara declares: di essere residente in ai sensi della Convenzione Italo to be resident in BO s Country of Residence according to the Convention between Italy and BO s Country of Residence per evitare le Doppie Imposizioni sul Reddito; for the avoidance of Double Taxation on Income; di non svolgere attivita' industriale o commerciale per mezzo di una stabile organizzazione in Italia; not to carry on any industrial or commercial activity in Italy by means of a permanent establishment di essere soggetto a tassazione secondo la legge del to be subject to tax under the fiscal law in force in BO s Country of Residence oppure assoggettabile ad imposta sul territorio del or to be liable to tax under the fiscal law in force in BO s Country of Residence che i dati contenuti nel presente modello sono conformi al vero; that the information supplied in this form is true; che comunichera' immediatamente ogni nuova circostanza che osti all'applicazione del Trattato contro le Doppie Imposizioni; that any new circumstance that m ay be prejudicial to the application of the D.T.I. will be immediately communicated; che, sotto pena di falsa dichiarazione, le informazioni sopra indicate sono veritiere e corrette. that, under penalty of false declaration, the above mentioned information is true In virtu' di quanto dichiarato, si richiede la riduzione dell'imposta sui dividendi distribuiti da societa italiane, ai sensi della convenzione summenzionata. As a result of what above declared, we ask for the reduction of the withholding tax on the dividends distributed by Italian companies, according to the above mentioned agreement. LUOGO E DATA/ PLACE AND DATE TIMBRO E FIRMA DEL BENEFICIARIO O DEL RAPPRESENTANTE LEGALE STAMP AND SIGNATURE OF THE BENEFICIARY or LEGAL REPRESENTATIVE

9 CBDIV03 Sezione II/ Section II DICHIARAZIONE DELL'AUTORITA' FISCALE ESTERA FOR FOREIGN FISCAL AUTHORITY'S USE ONLY Ufficio Fiscale Competente/ Name of Fiscal Authority's Office Indirizzo/ Full Address Citta'/ City Stato /Country Si attesta che il Beneficiario dei dividendi indicato nella Sezione I del presente modello e' residente in We hereby declare that the Beneficiary stated in Section I of this form is resident in ai sensi dell'art. della convenzione e per tale: according to art. of the Convention and therefore it is soggetto alla tassazione sui dividendi subject to tax on dividends assoggettabile all'imposta sul territorio del liable to taxation in the State of Si attesta, inoltre, che le dichiarazioni contenute nel presente modello sono esatte per quanto risulta a questa Amministrazione. Moreover we hereby confirm that the statements supplied in this form are true as to our Administration's knowledge. DATA TIMBRO FIRMA DATE STAMP SIGNATURE

10 CBDIV03 MODELLO DI ATTESTAZIONE PER L'APPLICAZIONE DELLA RITENUTA RIDOTTA SU DIVIDENDI DISTRIBUITI DA SOCIETA' ITALIANE REQUEST FOR THE APPLICATION OF THE REDUCED WITHHOLDING TAX ON DIVIDENDS DISTRIBUTED BY ITALIAN COMPANIES Dichiarazione presentata da soggetti residenti in in virtu' del Trattato contro le Doppie Declaration submitted by companies residents in _Beneficial Owner s country of residence_according to the Convention for the Imposizioni stipulato tra la Repubblica Italiana e firmato il avoidance of Double Taxation between Italy and The United States signed on 17 April 1984 ratificato il ratified on Sezione I/Section I Il Beneficiario the Beneficiary residente in resident in DICHIARAZIONE DEL BENEFICIARIO OVVERO DEL RAPPRESENTANTE LEGALE STATEMENT OF THE RECIPIENT OR OF THE LEGAL REPRESENTATIVE Benefical Owner s Name Beneficial Owner s Country of Residence indirizzo complete Beneficial Owner s Complete Address full address codice fiscale fiscal code Beneficial Owner s Tax ID se persona fisica, luogo e data di nascita Date and Place of Birth (If Beneficial Owner is Individual)_for individual, date and place of birth dichiara declares: di essere residente in ai sensi della Convenzione Italo to be resident in BO s Country of Residence according to the Convention between Italy and BO s Country of Residence per evitare le Doppie Imposizioni sul Reddito; for the avoidance of Double Taxation on Income; di non svolgere attivita' industriale o commerciale per mezzo di una stabile organizzazione in Italia; not to carry on any industrial or commercial activity in Italy by means of a permanent establishment di essere soggetto a tassazione secondo la legge del to be subject to tax under the fiscal law in force in BO s Country of Residence oppure assoggettabile ad imposta sul territorio del or to be liable to tax under the fiscal law in force in BO s Country of Residence che i dati contenuti nel presente modello sono conformi al vero; that the information supplied in this form is true; che comunichera' immediatamente ogni nuova circostanza che osti all'applicazione del Trattato contro le Doppie Imposizioni; that any new circumstance that m ay be prejudicial to the application of the D.T.I. will be immediately communicated; che, sotto pena di falsa dichiarazione, le informazioni sopra indicate sono veritiere e corrette. that, under penalty of false declaration, the above mentioned information is true In virtu' di quanto dichiarato, si richiede la riduzione dell'imposta sui dividendi distribuiti da societa italiane, ai sensi della convenzione summenzionata. As a result of what above declared, we ask for the reduction of the withholding tax on the dividends distributed by Italian companies, according to the above mentioned agreement. LUOGO E DATA/ PLACE AND DATE TIMBRO E FIRMA DEL BENEFICIARIO O DEL RAPPRESENTANTE LEGALE STAMP AND SIGNATURE OF THE BENEFICIARY or LEGAL REPRESENTATIVE

11 CBDIV03 Sezione II/ Section II DICHIARAZIONE DELL'AUTORITA' FISCALE ESTERA FOR FOREIGN FISCAL AUTHORITY'S USE ONLY Ufficio Fiscale Competente/ Name of Fiscal Authority's Office Indirizzo/ Full Address Citta'/ City Stato /Country Si attesta che il Beneficiario dei dividendi indicato nella Sezione I del presente modello e' residente in We hereby declare that the Beneficiary stated in Section I of this form is resident in ai sensi dell'art. della convenzione e per tale: according to art. of the Convention and therefore it is soggetto alla tassazione sui dividendi subject to tax on dividends assoggettabile all'imposta sul territorio del liable to taxation in the State of Si attesta, inoltre, che le dichiarazioni contenute nel presente modello sono esatte per quanto risulta a questa Amministrazione. Moreover we hereby confirm that the statements supplied in this form are true as to our Administration's knowledge. DATA TIMBRO FIRMA DATE STAMP SIGNATURE