Article 2.2.34

1.    Shares of a closed-end securities or real-estate investment fund may be admitted to listing, provided the following conditions are satisfied:

a)      the management company has drawn up and published at least one half-year report on the fund’s operations;

b)      the fund rules provide for the certificates representing the shares of the fund to be listed on a regulated market.

2.    Where application is made for the listing of the shares of a closed-end fund subscribed by means of the contribution of assets, Borsa Italiana may waive the provisions of paragraph 1(a) provided pro forma statements of profits and losses and assets and liabilities are produced for at least one half year.

3.    In the case of closed-end securities mutual funds, the amount of the fund must be at least 25 million euros.

4.    Closed-end securities funds shall invest at least 25% of their assets within 24 months of the date of the admission decision.

5.    The shares must be distributed among non-professional investors and/or professional investors to an extent deemed adequate by Borsa Italiana to meet the need for regular operation of the market.

6.    Where application is made for the listing of the shares of a sub-fund of a fund, the requirements of this article shall be understood as applying to such sub-fund.