Pursuant to the AIM Italia Issuers' Regulations, those who participate in the capital of the issuer must therefore communicate any "substantial change", i.e. the achievement or exceeding of the thresholds of 5%, 10%, 15%, 20%, 25%, 30%, 50%, 66.6% and 90% of the share capital of the issuer AIM, as well as the reduction below the above thresholds, in order to allow the issuer to communicate the substantial change through SDIR.

For the purposes of calculating the shareholdings held by the so called significant shareholder - i.e. holding at least 5% of the share capital - must include i) the shareholdings of which he is entitled (even if the voting rights are held or attributed to third parties); ii) the shareholdings in relation to which the voting rights are held or attributed to third parties; iii) the shares held by intermediaries, trustees, subsidiaries or companies for which the voting rights are held or attributed to such parties; and iv) the total number of shares conferred in a shareholders' agreement for the exercise of voting rights in the issuer.

Promptly, and in any case within 4 trading days of the transaction that gives rise to the obligation (regardless of the date of execution) or the day on which the significant shareholder becomes aware of the events involving changes in the issuer's share capital, the significant shareholder must notify the issuer:

(a) its identity;

(b) the date on which the issuer was informed;

(c) the date on which the material change in the shareholdings occurred;

(d) the nature and extent of the significant shareholder's interest in the transaction.

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