By Laws

The Articles of Association define the essential characteristics as well as the primary rules relating to the organisation and operation of the Company.

The Articles of Association also specify the following: the name, registered office and duration of the Company; the corporate purpose; the share capital amount as well as the number and characteristics of shares; the administration and control model adopted; appointment procedures as well as the rules of operation of corporate bodies; the operation of the Shareholders' Meeting and shareholders’ rights.

The contents of the Articles of Association supplement legal provisions. For all that which is not expressly provided for in the Articles of Association, the provisions of the Italian Civil Code and special laws will be applicable.

The Articles of Association may be amended by means of a resolution of the extraordinary Shareholders' Meeting. If the amendments arise from a mere adjustment to regulatory provisions, the Board of Directors can approve them through its own resolution.