Dividend is not calculated as fixed payout but represents the maximum amount which can be recognised to the shareholders, taking into consideration the profitability of the Group for the financial year, the safeguard of the capital soundness and the financing of the Group growth.

* The prices used to determine dividend yield are reference stock price (source: Bloomberg), as actually recorded in the periods of interest (not considering subsequent adjustment factors).

The dividend yield as at the end of the year relates to the reference stock price in the last available day of trade during the corrispondent fiscal year; the average dividend yield is obtained by dividing the total amount of dividend to the average of the reference stock prices in the considered fiscal year.