Article 2.7.1

1.       Issuers established under Italian law with shares listed on the stock exchange shall fulfil the disclosure requirements in the manner provided by Article 66 of Consob Regulation 11971/1999 and the disclosure obligation to the market laid down in Part II, Title II, of the same Regulation by sending a press release to Borsa Italiana.

2.       Issuers referred to in paragraph 1 shall use the electronic “Network Information System” (hereinafter, NIS), organised and managed by Borsa Italiana, for the official transmission of press releases referred to in paragraph 1.

3.       Borsa Italiana shall make public, via the NIS, the press releases it receives by sending them to the news agencies connected to the system and publishing a Notice in accordance with Article 6.1.8. Press releases shall be sent to the news agencies immediately upon receipt or, in the case of press releases transmitted during trading hours, within fifteen minutes thereof. Issuers may consider press releases to have been made public as soon as they have received confirmation, via the NIS, of their receipt by at least two news agencies.

4.       Borsa Italiana, after notifying Consob, may delay the sending of press releases it receives where this is deemed necessary in order to decide whether trading in the financial instruments concerned should be suspended; in such cases it shall inform the issuer of the delay over the NIS.

5.       Issuers referred to in paragraph 1 shall use the NIS to fulfil the disclosure requirements vis-à-vis Borsa Italiana laid down in Article 2.6.2, paragraph 1, for all their listed financial instruments.

6.       Borsa Italiana shall register and conserve the press releases it receives.

7.       For financial instruments issued by Borsa Italiana, references to the issuer shall be understood as referring to Borsa Italiana.