Communication no. 0005686 of 22 January  2016

Subject: Saipem spa rights issue 

On Monday 25 January 2016 the rights issue by Saipem spa (“SAIPEM”) begins.

This rights issue has a significant dilutive effect. This in turn implies the risk of anomalies during the subscription period, consisting in an overestimation of the market price of the shares compared to their theorical value.

Consob will carefully monitor the trading activities on SAIPEM shares (ISIN code IT0000068525) during the subscription period, with particular reference to compliance with the measures on short selling activities provided for in the Regulation EU no. 236/2012, as well as the obligation to timely deliver the shares in the settlement system, pursuant to the Rules of the Markets organised and managed by Borsa Italiana spa.

It is therefore recommended the stricter compliance by everybody, natural and legal persons, Italian and foreign entities, with the prohibition to carry out uncovered short sales (also called naked short sales) pursuant to Article 12 of Regulation EU no. 236/2012, and with the obligation to report net short positions pursuant to Articles 5, 6, 9 of the same Regulation.

It is also recommended to all market participants a virtuous behavior, in order to minimize the risk of the abovementioned price anomalies during the subscription period. In particular, it is recommended to the members of the Italian regulated market MTA, where SAIPEM shares are admitted to trading the rigorous observance of the obligation to timely deliver the shares in the settlement system, according to the Rules of the Markets organised and managed by Borsa Italiana spa.

It is worth noting that, according to the Instructions to the Rules of the Markets organised and managed by Borsa Italiana spa entered into force on 20 January 2016, Borsa Italiana spa shall suspend the early exercise on option contracts traded on the IDEM market, with SAIPEM shares as underlying. This suspension has the aim to avoid the risk that price anomalies which could occur on the cash market MTA might influence the derivative market IDEM and viceversa.

Finally, it is highlighted that, on occasion of previous rights issues operations, breaches of the abovementioned rules have led Consob to apply monetary sanctions.

THE CHAIRMAN
Giuseppe Vegas