Prospectus - Notowania

Pursuant to Article 1.5 of the TUF, investment services are understood to be the
following activities, when they concern financial instruments (i) trading on own
account; (ii) execution of orders on behalf of customers; (iii) subscription and/or
placement with direct undertaking or stand-by commitment vis-à-vis the Issuer; (iv)
placement without direct undertaking or stand-by commitment vis-à-vis the Issuer; (v)
portfolio management; (vi) acceptance and forwarding of orders; (vii) investment
advice; (viii) management of multilateral trading system.
Pursuant to Article 18 of the TUF, the professional practice of services and investment
activities vis-à-vis the general public is reserved for banks and investment companies
(or stockbroking companies, EU and non-EU investment companies).
Article 21 of the TUF defines the general criteria to be observed when carrying out the
services and investment activities, while Article 22 of the TUF disciplines the asset
separation and, therefore, the obligation to keep the financial instruments and the sums
of money of the individual customers, held for any purpose by qualified parties,
separate with respect to the assets of the latter and those of other customers. Article 23
establishes the obligation to draw up the contracts relating to the provision of
investment services in writing and hand over a copy to the customers.
The rules of conduct for the qualified parties vis-à-vis the customers are then
specifically disciplined in the Consob regulations adopted under resolution No. 16190
dated October 29, 2007.
Off-premises sales
Pursuant to Article 30 of the TUF, off-premises sales are understood to be the
promotion and placement with the general public: (i) of financial instruments, in a
location other than the registered offices or the branches of the Issuer, the party
proposing the investment or the party tasked with the promotion or placement, and/or
(ii) investment services and activities, in a location other than the registered offices or
the branches of whomever provides, promotes or places the service or activity. Offpremises
sales are not those made vis-à-vis professional customers, as identified in
accordance with Article 6, sections 2-quinquies and 2-sexies of the TUF.
The off-premises sale of financial instruments or investment services can only be
carried out by parties authorized to carry out placement services (with or without the
direct undertaking or stand-by commitment vis-à-vis the Issuer) or by asset
management companies, harmonized management companies and variable capital
investment companies, solely in relation to their own shares and units in mutual
investment funds.
The banks can make off-premises sales of their investment services and activities. If
the offer concerns services and activities provided by other brokers, the banks must be
authorized to carry out placement services.
The efficacy of the financial instrument placement agreements (with the exception of
those concerning public offers for the same or subscription of shares with voting
rights or other financial instruments which make it possible to acquire or subscribe
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