Article 2.2.27

1.    Structured bonds shall mean bonds that differ from those referred to in Chapter 3 insofar as their redemption and/or remuneration is linked to the prices of one of the following assets:

a)      shares that are traded in a regulated market in Italy or another country and are highly liquid;

b)      government securities that are traded in a regulated market and are highly liquid;

c)      official interest rates or interest rates widely used in capital markets that are not open to manipulation and that are marked by transparent methods of observation and dissemination;

d)      foreign currencies whose exchange rate is recorded continuously by the competent authorities or bodies and which are convertible;

e)      goods for which there is a reference market characterised by the availability of continuous and updated information on the prices of the assets traded;

f)       units or shares of CIUs;

g)      indexes or baskets of the assets referred to in the  subparagraphs of this paragraph and baskets of indexes of the same assets, provided such baskets and indexes are marked by transparent methods of calculation and dissemination;

h) derivative contracts based on assets referred to in the preceding subparagraphs for which there is a liquid market characterised by the continuous availability of updated information on the prices of the contracts.

2.    Borsa Italiana reserves the right to admit to listing, at the request of the issuer, structured bonds linked to assets other than those referred to in Article 2.2.27 paragraph 1 provided the conditions of this Chapter are satisfied.