LensCrafters 2005 Annual Report Download - page 76

PROPOSED DIVIDEND
FOR FISCAL YEAR ENDING
DECEMBER 31, 2005 | 75 <
in accordance with the procedure set forth by it, the documentation attesting their residence for tax
purposes in countries which have entered into tax treaties with Italy, pursuant to which reduced tax
rates might become directly applicable. Concurrently with the delivery of the Proxy Statement, the
Depositary has mailed to all ADS holders a document and necessary forms setting forth the detailed
procedure to be used by ADS holders for the purpose of obtaining the direct application of the
reduced tax rate. You can download those documents also here:
Deutche Bank Trust Company Americas Reclaim Notice and Forms (Link to DTC document)
As soon as the required documentation is delivered by Deutsche Bank Trust Company Americas to
Deutsche Bank S.p.A., such bank shall endeavor to effect, repayment of the entire 27.0% withheld or
the balance between the 27.0% withheld at the time of payment and the rate actually applicable to the
ADS holder, as the case maybe. By way of example, Italy and United States (as well as many other
countries) are parties to a tax treaty pursuant to which the rate of the tax applicable to dividends paid
by an Italian resident company to a U.S. resident entitled to the benefits under the treaty may be
reduced to 15.0%. Therefore, U.S. resident ADS holders have the opportunity of being repaid a further
12.0% of the gross dividend, that is the difference between the 27.0% withheld at the time of payment
of the dividend and the 15.0% substitute tax provided for by the Italy - U.S. tax treaty.
Please note that in order for ADS holder to take advantage of the accelerated tax refund (Quick
Refund), the certification by the respective Tax Authority must be dated before June 22, 2006
(the dividend payable date in Euro) and Deutsche Bank Trust Company Americas or Deutsche
Bank S.p.A should receive the certification on or before October 26, 2006.
The Company recommends to all ADS holders who are interested in taking advantage of such an
opportunity, to request more detailed information as to the exact procedure to be followed from
Deutsche Bank Trust Company Americas (ADR Department, telephone [phone]; fax +1 866
888-1120, attn. Gregory Lewis) or directly from the Company’s headquarters in Italy (telephone +39
0437 644527; fax [phone]).
ADS holders are further advised that, once the amounts withheld are paid to the Italian Tax Authorities,
the ADS holders who are entitled to a reduced tax rate may only apply to the Italian Tax Authorities to
receive the reimbursement of the excess tax applied to the dividends received from the Company.
Such procedure customarily takes years before the reimbursement is actually made. Therefore the
above-mentioned procedure, for direct application of the reduced withholding rate was established by
Luxottica Group in the best interest of its shareholders.