Resolution n. 19656

Temporary prohibition of short selling in shares issued by Telecom Italia spa (“TELECOM”) and Credito Valtellinese sc (“CREVAL”), pursuant to Article 23 of the Regulation (EU) of the European Parliament and of the Council no. 236 of 14 March 2012

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA

HAVING REGARD TO Law no. 216 of June 7, 1974, as subsequently amended and integrated;

HAVING REGARD TO Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012;

HAVING REGARD TO Article 4-ter(2) of Legislative Decree no. 58 of February 24, 1998, according to which Consob is appointed with the task to implement the measures and exercise the functions and powers provided by Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012 with reference to shares, among others;

HAVING REGARD TO Article 12 of Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012, imposing restrictions on uncovered short sales in shares;

HAVING REGARD TO Article 23 of the above-mentioned Regulation (EU) no. 236/2012, which defines the power to temporarily restrict short selling of financial instruments in the case of a significant fall in price;

TAKING INTO ACCOUNT THAT the relevant threshold in the case of the TELECOM and CREVALshares is equal to -10%;

TAKING INTO ACCOUNT THAT the fall of the prices of TELECOM and CREVALshares during July 6, 2016 compared to the closing prices on the previous trading day was greater than -10%;

CONSIDERING THAT downward speculation phenomena shall not be excluded;

RESOLVES AS FOLLOWS:

1. The prohibition of short selling in TELECOM (ISIN code: IT0003497168) and CREVAL(ISIN code: IT0000064516) on the MTA, a regulated market organised and managed by Borsa Italiana S.p.A., under Article 23 of the above-mentioned Regulation, for the entire trading day of July 7, 2016.

2. It is clarified that, pursuant to Article 23(3), the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.

This resolution shall be transmitted to ESMA pursuant to Article 23 of the Regulation EU no. 236 2012 and shall be published on the Consob website after the positive conclusion of the procedure provided for in the above-mentioned Article. This resolution shall take effect as soon as it is published on the Consob website. This resolution shall be transmitted to Borsa Italiana and shall be published on the Consob Bulletin.

6 July 2016

THE CHAIRMAN
Giuseppe Vegas