Article 4.1.1

1.    Trading in the electronic share market (MTA) shall be in any quantity of shares, convertible bonds, pre-emptive rights and warrants.

2.    Borsa Italiana may specify a minimum lot for each financial instrument where this is necessary for the market to operate effectively, for investors to have easy access to it and for the execution of orders to be cost efficient.

3.    Purchase and sale contracts having as their subject financial instruments referred to in paragraphs 1 shall be checked by the service referred to in Article 5.1.1 and settled via settlement service referred to in Article 69 of the Consolidated Law on Finance:

a)      on the third trading day following their conclusion where they refer to shares, convertible bonds and warrants;

b)      on the third trading day following their conclusion where they refer to pre-emptive rights;

c)      on the trading day following their conclusion where they refer to unexercised pre-emptive rights.

4.    Borsa Italiana may specify in the Instructions the rules that shall apply where the sale and purchase contracts are not settled within the time limit established. The entry into force of such rules shall be subject to Consob granting its explicit consent.

5.    Borsa Italiana may specify in the Notice containing the admission to trading decision a different settlement time limit for financial instruments of issuers established under foreign law admitted to trading pursuant to Article 2.1.2, paragraph 7(a), to take account of the characteristics of the reference European regulated market.