At the Investor Day held in Turin on 21 April 2010, it was announced that the dividend policy for Fiat S.p.A. (pre-demerger) would be to distribute 25% of Fiat Group’s consolidated net profit calculated on a 3-year rolling basis, with a minimum annual payout of €150 million.
As described in documents issued in relation to the demerger of activities to Fiat Industrial S.p.A., Fiat Industrial may commence dividend distributions on the basis of 2011 results, at which time the new provisions in Fiat S.p.A.’s by-laws relating to dividend distributions will also take effect. As such, in relation to the 2010 financial year, dividends will only be declared in relation to shares in Fiat S.p.A. on the basis of the distribution rights provided under Fiat S.p.A.'s existing by-laws.