Common use of Operational Information Clause in Contracts

Operational Information. Relevant Clearing System(s): Monte Titoli Offer Period: See paragraph 48 above Offer Price: The Issue Price (of which a maximum annual amount of 0.75% is represented by commissions payable to the Distributor). Conditions to which the offer is subject: The Offer of the Securities is conditional on their The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities. The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 10,000,000. The final amount that are issued on Issue Date will be listed on the electronic “Securitised Derivatives Market” (“SeDeX”), organised and managed by Borsa Italiana S.p.A.. Securities will be allotted subject to availability in the order of receipt of investors' applications. The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date. Description of the application process: From 3 July 2014 to 4 July 2014 such earlier time as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date). Application to subscribe for the Securities can be made in Italy through the Authorised Offeror. The distribution activity will be carried out in accordance with the usual procedures of the Authorised Offeror. Prospective investors will not be required to enter into any contractual arrangements directly Details of the minimum and/or maximum amount of application Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre- emption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: with the Issuer in relation to the subscription for the Securities. Minimum subscription amount per investor: EUR 100. Maximum subscription amount per investor: 100,000 * Notional Amount. The maximum amount of application of Securities will be subject only to availability at the time of the application. There are no pre-identified allotment criteria. The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will be assigned up to the maximum amount of the Offer. In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the Distributor, will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further requests. Not applicable The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys. The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date. Publication by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date. Not applicable Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period. No dealings in the Securities may take place prior to the Issue Date. Amount of any expenses and taxes specifically charged to the subscriber or purchaser: The Issuer is not aware of any expenses and taxes specifically charged to the subscriber. For the Offer Price which includes the commissions payable to the Distributor see above "Offer Price".

Operational Information. Relevant Clearing System(s): Monte Titoli Offer Period: See paragraph 48 above Offer Price: The Issue Price (of which a maximum annual amount of 0.751.50% is represented by commissions payable to the Distributor). Conditions to which the offer is subject: The Offer of the Securities is conditional on their The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities. The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 10,000,000. The final amount that are issued on Issue Date will be listed on the electronic “Securitised Derivatives Market” Multilateral Trading Facility EuroTLX (“SeDeX”), organised and managed by Borsa Italiana EuroTLX SIM S.p.A.. A.). Securities will be allotted subject to availability in the order of receipt of investors' applications. The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date. Description of the application process: From 3 1 July 2014 to 4 to, and including 25 July 2014 2014, or such earlier time as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date). Application to subscribe for the Securities can be made in Italy through the Authorised OfferorDistributor. The distribution activity will be carried out in accordance with the usual procedures of the Authorised OfferorDistributor. Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subscription for the Securities. Details of the minimum and/or maximum amount of application application: Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre- emption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: with the Issuer in relation to the subscription for the Securities. Minimum subscription amount per investor: EUR 100. Maximum subscription amount per investor: 100,000 20,000 * Notional Amount. The maximum amount of application of Securities will be subject only to availability at the time of the application. There are no pre-identified allotment criteria. The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will be assigned up to the maximum amount of the Offer. In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the Distributor, will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further requests. Not applicable Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys. The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date. Publication by means of a notice by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date. Not applicable Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period. No dealings in the Securities may take place prior to the Issue Date. Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place: The Issuer is not aware of any expenses and taxes specifically charged to the subscriber. For the Offer Price which includes the commissions payable to the Distributor see above "Offer Price". See section “Italian Taxation” in the Base Prospectus.

Operational Information. Relevant Clearing System(s): Monte Titoli Offer Period: See paragraph 48 47 above Offer Price: The Issue Price (of which a maximum annual amount of 0.753.35% is represented by commissions payable to the Distributor). Conditions to which the offer is subject: The Offer of the Securities is conditional on their The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities. The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 10,000,0005,000,000. The final amount that are is issued on the Issue Date will be listed on the electronic “Securitised Derivatives Market” Italian Stock Exchange (“SeDeX”), organised and managed by Borsa Italiana S.p.A.. A.). Securities will be allotted subject to availability in the order of receipt of investors' applications. The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date. Description of the application process: From 3 July 2014 to 4 July 2014 From, and including, 30 September 2013 to, and including, 28 October 2013, or such earlier time date as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date). Details of the minimum and/or maximum amount of application The Securities placed through door-to-door selling pursuant to Article 30 of the Italian Financial Services Act will be offered from (and including) 30 September 2013 to (and including) 23 October 2013 . Pursuant to Article 30, paragraph 6, of the Italian Financial Services Act, the validity and enforceability of the contracts entered into through door-to-door selling is suspended for a period of seven days after the investors’signature of the same. Within such period investors may communicate their withdrawal to the Distributor without any charge or commission. Application to subscribe for the Securities can be made in Italy through the Authorised OfferorDistributor. The distribution activity will be carried out in accordance with the usual procedures of the Authorised OfferorDistributor. Prospective investors will not be required to enter into any contractual arrangements directly Details of the minimum and/or maximum amount of application Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre- emption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: with the Issuer in relation to the subscription for the Securities. Minimum subscription amount per investor: EUR 1001,000. Maximum subscription amount per investor: 100,000 5,000 * Notional Amount. The maximum amount of application of Securities will be subject only to availability at the time of the application. There are no pre-identified allotment criteria. The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will be assigned up to the maximum amount of the Offer. In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the Distributor, will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre- emption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to the subscriber or purchaser: requests. Not applicable The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys. The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date. Publication by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date. Not applicable Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period. No dealings in the Securities may take place prior to the Issue Date. Amount of any expenses and taxes specifically charged to the subscriber or purchaser: The Issuer is not aware of any expenses and taxes specifically charged to the subscriber. For the Offer Price which includes the commissions payable to the Distributor see above "Offer Price".

Operational Information. Relevant Clearing System(s): Monte Titoli Titoli. Offer Period: See paragraph 48 above From 7 November 2012 to 9 November 2012 Offer Price: The Issue Price (of which a maximum annual amount of 0.751.20% is represented by commissions payable to the Distributor). Conditions to which the offer is subject: The Offer of the Securities is conditional on their issue. The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor Distributor(s) at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities. The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 10,000,000. The final amount that are issued on Issue Date will be listed on the electronic “Securitised Derivatives Market” (“SeDeX”), organised and managed by Borsa Italiana S.p.A.. Securities will be allotted subject to availability in the order of receipt of investors' applications. The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date. Description of the application process: From 3 July 2014 to 4 July 2014 7 November 2012 to, and including, 9 November 2012, or such earlier time date as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date). Application to subscribe for the Securities can be made in Italy through the Authorised OfferorDistributor. The distribution activity will be carried out in accordance with the Distributor's usual procedures of the Authorised Offerorprocedures. Prospective investors will not be required to enter into any contractual arrangements directly Details of the minimum and/or maximum amount of application application: Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre- pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification Categories of potential investors to applicants of which the amount allotted and indication whether dealing may begin before notification is madeSecurities are offered: Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subscription for the Securities. Minimum subscription amount per investor: EUR 100. Maximum subscription amount per investor: 100,000 20,000 * Notional Amount. The maximum amount of application of Securities will be subject only to availability at the time of the application. There are no pre-identified allotment criteria. The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will be assigned up to the maximum amount of the Offer. In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the DistributorDistributor(s), will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further requests. Not applicable applicable. The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys. The Securities are cleared through the clearing systems and are due to be delivered through the Distributor Distributors on or around the Issue Date. Publication by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date. Not applicable applicable. Offers may be made through the Distributor in the Republic of Italy to any person. Qualified investors may be assigned only those Securities remaining after the allocation of all the Securities requested by the public in the Republic of Italy during the Offer Period. Offers (if any) in other EEA countries will only be made by the Distributor pursuant to an exemption from the obligation under the Prospectus Directive as implemented in such countries to publish a prospectus. Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charges to the subscriber or purchaser: Any investor not located in the Republic of Italy should contact its financial advisor for more information, and may only purchase the Securities from its financial advisor, bank or financial intermediary. Each investor will be notified by the Distributor Distributors of its allocation of Securities after the end of the Offer Period. No dealings in the Securities may take place prior to the Issue Date. Amount of any expenses and taxes specifically charged to the subscriber or purchaser: The Issuer is not aware of any expenses and taxes specifically charged to the subscriber. For the Offer Price which includes the commissions payable to the Distributor Distributors see above "Offer Price". For details of the tax regime applicable to subscribers in the Republic of Italy, see Schedule 1 hereto.

Operational Information. Relevant Clearing System(s): System: Monte Titoli Offer Period: See paragraph 48 above Offer Price: The Issue Price (of which a maximum annual amount of 0.75% is represented by commissions payable to the Distributor)Titoli. Conditions to which the offer is subject: The Offer of the Securities is conditional on their The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor Certificates at any time on or prior to the Issue DateOffer End Date (as defined below). For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the SecuritiesCertificates. The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 10,000,000. The final amount that are issued on Issue Date will be listed on the electronic “Securitised Derivatives Market” (“SeDeX”), organised and managed by Borsa Italiana S.p.A.. Securities will be allotted subject to availability in the order of receipt of investors' applications. The final Total amount of the Securities issued issue/offer; if the amount is not fixed, description of the arrangements and time for announcing to the public the definitive amount of the offer: Publication by loading the following link xxxx://xxxxx.xxxxxxxxxx.xxx/xxxxxxxxxxxxxxxxxxxxxxxx in each case on or around 11 October 2007. The time period, including any possible amendments, during which the offer will be determined by the Issuer in light of prevailing market conditions, open and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date. Description description of the application process: From 3 July 2014 to 4 July 2014 such earlier The time as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date)period is one day: 8 October 2007. Application to subscribe for the Securities can be made in Italy through the Authorised Offeror. The distribution activity will be carried out in accordance with the usual procedures A description of the Authorised Offeror. Prospective investors will not be required to enter into any contractual arrangements directly Details of the minimum and/or maximum amount of application Description of possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants: Not Applicable. Details of the method minimum and/or maximum amount of application: Minimum subscription amount per investor: the Notional Amount. Maximum subscription amount per investor: EUR 200.000* Notional Amount. Method and time limits for paying up the Certificates and delivering for delivery of the SecuritiesCertificates: Manner in The Certificates are cleared through the clearing systems and are due to be delivered on or about 12 October 2007. Xxxxxx and date on in which results of the offer are to be made public: Procedure for exercise Publication by loading the following link xxxx://xxxxx.xxxxxxxxxx.xxx/xxxxxxxxxxxxxxxxxxxxxxxx, in each case on or around 11October 2007. Categories of any right of pre- emptionpotential investors to which the Certificates are offered: Retail, negotiability of subscription rights private and treatment of subscription rights not exercised: institutional investors. Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: In the case of oversubscription, allotted amounts will be notified to applicants by way of a publication in daily newspapers with general circulation in Italy. No dealing in the Issuer in relation Certificates may be before any such notification is In all other cases, allotted amounts will be equal to the subscription for the Securities. Minimum subscription amount per investor: EUR 100. Maximum subscription amount per investor: 100,000 * Notional Amount. The maximum amount of application of Securities will be subject only to availability at the time of the application. There are , and no pre-identified allotment criteria. The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will further notification shall be assigned up to the maximum amount of the Offer. In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the Distributor, will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further requests. Not applicable The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys. The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date. Publication by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date. Not applicable Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period. No dealings in the Securities may take place prior to the Issue Date. Amount of any expenses and taxes specifically charged to the subscriber or purchaser: The Issuer is not aware of any expenses and taxes specifically charged to the subscriber. For the Offer Price which includes the commissions payable to the Distributor see above "Offer Price"made.