Distribution

2018

Dividend distribution 2018

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 19th , 2018 1.2382
Italian and US Ex-date April 23rd, 2018
Italian and US record date April 24th, 2018
Payment date May 2nd, 2018

Quick refund – First batch: first deadline for DTC participants to submit the documentation
for reduced withholding tax or exemption

Documentation Deadline:
May 22nd, 2018 at 5pm EST

CA Web Instruction & ESP Deadline:
May 23rd, 2018 at 8pm EST

First quick refund date  June 2018

Quick refund – Second batch: second deadlinefor DTC participants to submit the
documentation for reduced withholding tax or exemption, if not submitted in the First batch

June 22nd, 2018 at 8pm EST
Second quick refund date July 2018
Type of reserves distributed Retained earnings
Portion rate subject to Italian withholding (26%) EUR 0.71 / USD 0.87912
Italian withholding rate (26%) EUR 0.1846 / USD 0.22857
Portion rate subject to Dutch withholding (15%) EUR 0.71 / USD 0.87912
Dutch withholding rate (15%) EUR 0.1065 / USD 0.13187
Net rate subject to variation based on the application of tax treaties and local tax regime EUR 0.4189 / USD 0.51868
   
Where to get information  
For shareholders in DTC - Globe Tax e-mail address  italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number  +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

Q&A Dividend Distribution

Q: Why do you apply both the Italian withholding tax and Dutch withholding tax?

A: Ferrari N.V. has its fiscal residency in Italy, hence it is subject to the Italian tax regime. In addition, being incorporated in Netherlands, Ferrari N.V. is qualified as withholding tax agent for the purposes of the Dutch withholding tax.

Q: What amount of the dividend distribution will I receive at the payment date?

A: For DTC participants at the payment date (May 2nd, 2018) the dividend distribution will be net of the 26% Italian withholding tax and 15% Dutch withholding tax. Refunds will be due to eligible shareholders who provide the proper documentation before the deadlines.
For Monte Titoli participants at the payment date (May 2nd, 2018) the dividend distribution will be net of the 26% Italian withholding tax, if not eligible for exemption or reduction. The intermediary bank should identify Monte Titoli participants prior to the payment. Unidentified participants on Monte Titoli may directly claim refund to the Italian Tax Authorities if the required documentation is submitted on time.
Dutch tax residents, who hold their shares in Monte Titoli and hold less than 5% of the share capital, will be subject to an additional 15% Dutch withholding tax.
For further information please refer to the Eligibility Matrix reported in the attached Notice.

Q: Who will be subject to the 15% Dutch withholding tax?

A: The 15% Dutch withholding tax will be applied to all Dutch tax residents holding less than 5% of the share capital. Dutch resident recipients of the dividend may claim a tax credit when calculating their income tax (or corporate income tax) due, or if eligible, can file a request to the Dutch Tax Authority for a refund of the withholding tax withheld.

Q: What will be the currency of the dividend?

A: Shareholders holding the Company’s common shares on the record date that are traded on the Italian Stock Exchange will receive the dividend in Euro.
Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official EUR/USD exchange rate reported by the European Central Bank on April 19, 2018 and equal to 1.2382.

Q: What do I need to do to get a reduced withholding/exemption if my shares are held in Monte Titoli?

A: Please check with your tax advisor your eligibility for reduced Italian withholding tax or exemption and to retrieve the documentation to be provided to your depositary bank, stockbroker or other financial intermediary.
Please contact your depositary bank, stockbroker or other financial intermediary for any additional information.

Q: What do I need to do to get a withholding refund if my shares are held in DTC?

A: Shareholders who hold their shares in DTC should fill the proper documentation within the attached Notice and send it to Globetax before deadlines.

Q: If I am a Monte Titoli shareholder and eligible to get a reduced withholding/exemption, what is the proper documentation that I need to provide to my depositary bank, stockbroker or other financial intermediary?

A: If you are a Monte Titoli shareholder and eligible to reduced withholding tax/exemption, please check with your tax advisor the documentation to be submitted to your depositary bank, stockbroker or other financial intermediary.

Q: If I am a DTC shareholder and eligible to get a withholding refund, what is the proper documentation that I need to provide to Globetax?

A: If you are a DTC shareholder and eligible to be refunded, please refer to the attached Notice to find what is the documentation to be provided to Globetax.

Q: How can I know if my shares are held in DTC or in Monte Titoli?

A: Please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: What is the deadline for Monte Titoli shareholders to submit the proper documentation to get reduced withholding or exemption?

A: Shareholders that hold their shares in Monte Titoli should contact their own depositary bank, stockbroker or other financial intermediary to check the submission deadline for the documentation.

Q: What is the deadline for DTC shareholders to submit the proper documentation to get a withholding refund?

A: May 22nd, 2018 at 5pm EST (“Documentation Deadline”) or May 23rd, 2018 at 8pm EST (“CA Web Instructions & ESP Deadline”) (first deadline) and June 22nd, 2018(second deadline) are the available deadlines for DTC shareholders to submit the documentation.

Q: Why do you have different deadlines for documentation submission?

A: We have structured different deadlines for documentation submission to provide eligible shareholders with the opportunity to receive a refund as soon as possible.

Q: What is the difference between the first and the second deadline? Is the documentation different?

A: Eligible shareholders will receive a refund in June 2018 or alternatively in July 2018 consistent to when they submit the documentation. The documentation to be provided is the same for the first and second deadline.

Q: If I submitted the documentation by the first deadline, should I have to submit it again by the second deadline?

A: No, one documentation submission is enough. Only shareholders in DTC who do not submit the documentation by the first deadline should submit the documentation by the second deadline.

Q: What happens if I submit incomplete or incorrect documentation by the first deadline?

A: If you have submitted incomplete or incorrect documentation by the first deadline, you can make a second submission with complete and correct documentation by the second deadline.

Q: What happens if I do not submit the requested documentation for reduced withholding on time?

A: The dividend distribution will be withheld with the applicable withholding taxes.

Q: When do I get the refund?

A: Shareholders will obtain a refund by June 2018 if the documentation has been submitted by the first deadline, or alternatively by July 2018 if the documentation has been submitted by the second deadline. Refunds will follow the same process of the dividend distribution according to your broker or bank refund policy.
Please contact your depositary bank, stockbroker or other financial intermediary for further details.

Q: What happens if I sell the shares in the meantime?

A: Shareholders of Ferrari N.V. at the record date (i.e., April 24th, 2018) are entitled to receive the dividend distribution and the potential refund, if eligible. In particular, if shareholders sell their shares in Ferrari N.V. after the record date, they remain entitled to receive the dividend distribution.

Q: What kind of reserves is Ferrari N.V. distributing?

A: The dividend is distributed from retained earnings reserves.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the attached Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own tax advisor and depositary bank, stockbroker or other financial intermediary.

For more information please refer to the following Notice


2017

Cash distribution 2017

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 20th , 2017 1.0745
Ex-date April 24th, 2017
Italian record date April 25th, 2017
US record date April 26th, 2017
Payment date May 2nd, 2017
Deadline for DTC participants for submission of documentation for reduced withholding tax or exemption May 25th, 2017
Portion rate subject to Italian withholding (26%) Euro 0.635 / USD 0.68231
Withholding rate (26%) Euro 0.1651 / USD 0.17740
Net rate subject to variation based on the application of tax treaties and local tax regime Euro 0.4699 / USD 0.50491
   
Where to get information  
For shareholders in DTC - Globe Tax e-mail address italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number  +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

Q&A Cash Distribution

Q: Who will get the refund and when?


A: All beneficial owners of shares of Ferrari N.V. who hold the shares in DTC will obtain a withholding tax refund (net of any commission, if any), that follows the same process of the cash distribution, most likely by the end of August 2017, according to their broker or bank refund policy. Please contact your depositary bank, stockbroker or other financial intermediary for further details.
Nevertheless Dutch tax residents holding less than 5% of the share capital will be subject to 15% Dutch withholding tax

Q: What happens if I sell the shares in the meantime?


A: Shareholders of Ferrari N.V. at the record date are entitled to receive the cash distribution and the withholding tax refund (net of any commission, if any).

Q: What kind of reserves is Ferrari N.V. distributing?


A: The cash distribution is made from share premium reserves. Please contact your local tax advisor for any resulting tax basis.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own depositary bank, stockbroker or other financial intermediary.


For more information please refer to the following Notice