PRESS RELEASE

With regard to the ban on short selling introduced in Germany, Consob confirms its determination to fully exercise its powers in order to ensure the orderly conduct of trading in compliance with the existing regulatory framework in order to prevent anomalous behaviors and possible abuses.

Consob continues to carefully monitor compliance with the rules on market integrity. Consob continues to daily monitor, among others, the compliance with the obligation to deliver securities within three days from the transaction (so called “T+3” rule), which substantially has the same effects of ban on naked short selling.

Consob confirms that in case of irregularities on timely delivery of securities it will start enforcement actions, which in the past were concluded with the application of pecuniary sanctions.

Market conditions are monitored constantly, also in close contact with other European regulators. Should there be, any new resolution will be promptly disclosed to the market.

Rome, May 19, 2010