Article 2.2.36

1.       Ordinary shares representing the capital of investment companies may be admitted to listing provided the clause of the bylaws establishing the corporate purpose provides for investment in majority and minority holdings in listed and unlisted companies, in financial instruments, branches or corporate units in accordance with their investment policies and the performance of the related instrumental activities. The bylaws shall also provide for substantial changes to the investment policy (such as the level of diversification) to be made by the extraordinary shareholders’ meeting.

The company must not invest more than 20% of its assets in units of Italian or foreign hedge funds.

The company must not engage in trading of listed and unlisted financial instruments on a continuous basis or in a manner not conforming to its nature of a medium and long-term investor.

2.       The bylaws must provide that if issuers do not invest at least 50% of their total assets within 36 months of the date of the admission decision the shareholders’ meeting must be convened to resolve on the winding up of the company.

3.       Foreign issuers must demonstrate that there are no impediments to their substantial compliance with these provisions.

4.       Issuers that have failed to comply with the minimum level of diversification referred to in Article 2.2.37, paragraph 9, for more than 12 months must call as soon as possible the extraordinary shareholders’ meeting with the aim to modify the investment policy and to adapt the corporate purpose to the activity effectively performed.