Article 4.1.12

1.    Trading in shares may be carried on with the intervention of MTA specialists appointed by the issuer to support the liquidity of the equity instruments listed. Trading of shares of issuers established under foreign law admitted pursuant to Article 2.1.2, paragraph 7(a) and traded in a specific segment may be carried on with the intervention of specialists even without their being appointed by the issuer.

2.    Market intermediaries admitted to MTA shall be eligible to engage in the activity of specialist unless they belong to the group to which the issuer belongs or which is headed by the issuer.

3.    For the shares whose liquidity they undertake to support, MTA specialists are required to deal for own account and to display continuous bids and offers with a percentage spread that does not exceed the limit established by Borsa Italiana in the Instructions. The methods and times for entering bids and offers are specified in the Instructions. Also the daily quantity of contracts for which the specialist is required to deal is specified on a general basis in the Instructions. Borsa Italiana reserves the right not to establish a daily quantity for segments or classes of financial instruments specified in the Instructions.

4.    Borsa Italiana shall establish in the Instructions the circumstances in which specialists may be temporarily relieved from their obligations.

5.    Borsa Italiana shall indicate on a general basis in the Instructions the cases in which the activity referred to in paragraph 1 is not permitted.

6.    Before the start of the activity referred to in paragraph 1, Borsa Italiana shall issue a Notice announcing the name of the MTA specialist.

7.   The termination of the activity of MTA specialists is notified to Borsa Italiana, within the time limits and in the manner specified in the Instructions.