Communication no. 12029513 of 13 April 2012 

RE: Issuers with Italy as home member state whose securities are admitted to trading in another European Union Member State - Art. 116-bis, section 1 of the Issuers' Regulations (adopted by Consob Resolution no. 11971 of 14 May 1999) - Activation of Teleraccolta

With communication no. DEM/7029641 of 5 April 2007, the Teleraccolta system was activated to enable the electronic transmission of documentation relating to the regular financial disclosures to be sent to Consob.

With subsequent communication no. DEM/11005745 of 27 January 2011, which abrogated the previous communication, addressed to listed issuers, to listed issuers with Italy as their home member state and to issuers of financial instruments widely distributed among the public, Consob identified the methods by which to transmit the documentation required by regulatory provisions in order to implement the Teleraccolta system.

By this communication, it is considered appropriate to extend the Teleraccolta system in order to incorporate the requirements set out by Title II, chapter VII-bis of Consob Resolution no. 11971 of 14 May 1999 as subsequently amended (the "Issuers' Regulations") in relation to "Issuers with Italy as their home member state whose securities are admitted to trading in another European Union Member State".

These requirements establish that issuers with Italy as their home member state in accordance with Art. 1, section 1, letter w-quater of Italian Legislative Decree no. 58/98, during admission of their securities to trading on the regulated markets of other Member States and not in Italy, shall inform Consob.

These disclosures have been made thus far by issuers by sending a notice containing data in relation to the securities admitted to trading on the regulated markets of European Union Member States. Similar information has been sent in the event of the revocation of listing or early redemption.

By this communication, it is considered appropriate to identify the methods by which said documentation is to be transmitted by means of the Teleraccolta system and eliminate sending hard copies.

It is therefore requested that issuers with Italy as their home member state should send data relating to listed securities by accessing said Teleraccolta system. For three months, issuers will have the ability to continue sending hard copies in lieu of sending via the new system.

The system will be available from 16 April 2012 on the Institute's Italian website under the section "Soggetti vigilati" -> "Per gli Emittenti", in a specific box and access will be permitted for listed issuers with Italy as their home member state, already in possession of the identification codes used to send regular documentation, and to other issuers to which identification codes will be issued according to the procedure already available, together with the user's manual, in the same section of the Institute's website.

The issuers admitting financial instruments to trading for the first time on non-Italian regulated markets must notify the choice of the home member state according to the methods set out by Art. 65-decies of the issuers' regulation. Subsequently they must request access credentials to the Telaraccolta system and make disclosures on securities admitted to trading on the regulated markets of European Union Member States in the methods specified in this disclosure.

Issuers must disclose the securities admitted for listing within five working days of the event.

Full early redemptions or revocations from listing must also be disclosed within the same terms.

Please note that all listed securities already disclosed to Consob using the previous procedure need not be sent by means of the new on-line system.

Issuers, however, must use the new Teleraccolta system to disclose redemptions made in full in advance or revocations from listing of securities disclosed previously using the hard copy system.

THE CHAIRMAN
Giuseppe Vegas