Article 2.2.39

1.       Shares representing the capital of Real Estate Investment Companies that meet the requirements referred to in Article 2.2.40 may be admitted to trading provided the clause of the bylaws establishing the corporate purpose provides for investment in and/or leasing of real estate in accordance with their investment policies and the performance of the related instrumental activities. The bylaws shall also provide for substantial changes (such as the use to be made of the assets or the policies of diversification) to the investment policy to be made by the extraordinary shareholders’ meeting.

2.       Real-Estate Investment Companies shall invest at least 50% of their assets by the date of the start of trading.

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 2.2.40, 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.