Article 4.1.2

1.       Borsa Italiana shall divide financial instruments in the MTA market into segments on the basis of their capitalisation or the procedure for admission to trading.

2.       In the Notice announcing the start of trading, Borsa Italiana shall identify the trading segment of financial instruments on the basis of the capitalisation limit specified in the Instructions or the procedure for admission to trading.

3.       With the periodicity indicated in the Instructions, Borsa Italiana shall check the capitalisation limit for each share and issue a Notice allocating financial instruments among the different segments in accordance with the Instructions and inform the issuers accordingly. Any change in the trading segment of financial instruments issued by Borsa Italiana shall be notified in advance to Consob.

4.       Shares that are granted Star status pursuant to Article 2.2.3 shall be traded in the Star segment upon acceptance of the application referred to in Article 2.2.3, paragraph 1.

5.       Shares that lose Star status pursuant to Article 2.2.3, paragraph 10, shall be traded the MTA market starting from the allocation of financial instruments referred to in paragraph 3. In the cases referred to in Article 2.2.3, paragraphs 12 and 13, the shares shall be traded in the MTA market starting from the date specified in the decision. Such shares may not be traded in the Star segment again until one year has passed from their exclusion, except the case referred to in Article 2.2.3, paragraph 13.

6.       Shares for which renouncement of Star status has been requested pursuant to Article 2.5.8 shall be traded in the MTA market upon acceptance of the application.

7.       Shares with restricted voting rights and shares referred to in Article 2.2.2, paragraph 4, shall be traded in the segment in which the corresponding ordinary shares are traded.

8.       Convertible bonds and warrants shall be traded in the segment in which the underlying ordinary shares are traded.