Article 2.2.42

1.       Ordinary shares representing the capital of SIVs may be admitted to listing provided the clause of the bylaws establishing the corporate purpose provides for investment prevalently in a company or activity in accordance with their investment policies and the performance of the related instrumental activities.

2.       Ordinary shares representing the capital of companies whose investment policy is particularly complex may also be admitted to listing.

3.       The bylaws shall provide for the duration of the company not to be more than 36 months for it to make one or more significant investments, with the possibility of an extension only if evidence is provided of negotiations under way to achieve a significant level of investment.

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

5.       Investments shall be considered significant if in total they represent more than 50% of the company’s assets.

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