On 5 May 2014, the Board also approved the Internal Dealing procedures (aimed at clarifying the disclosure requirements to CONSOB and to the public) related to transactions involving financial instruments issued by the Company or its subsidiaries and ‘‘relevant entities’’. 

A mandatory abstention is imposed on the ‘‘relevant persons’’ identified by Article 114, paragraph 7 of the Unified Financial Act (other than shareholders holding a stake greater than or equal to 10% of the share capital of the Company). These entities may not carry out transactions subject to the Internal Dealing regulations during the blackout periods, lasting 15 days, before the approval of the draft financial statements, the interim financial report, each interim management and business plan, by the Board of Directors. The dates of these meetings are reported in the financial calendar published on the website of the Company. 

This prohibition does not apply to the purchase of shares made in the exercise of rights granted under stock option and stock grant plans, subject to the obligation not to proceed with their sale during the periods indicated.