Article 2.2.4

1.    In the case of certificates representing shares, the issuer of the shares represented shall be considered as the issuer for the purposes of Part 2 of these Rules.

2.     The issuer of the certificates representing shares must be subject to prudential supervision in Italy or in the country where it has its registered office.

3.   The provisions of Articles 2.1.3 and 2.1.4 shall apply to the issuer of certificates representing shares and to the certificates themselves; the certificates must also satisfy the requirements of Article 2.2.2.