DISCLAIMER

Pursuant to art. 69 of Consob Regulation no. 11971 of 14 May 1999 – “Implementing the provisions on issuers of Legislative Decree 58 of 24 February 1998” and according to international best practices regarding market abuse issues, please find herewith the list of conflicts of interest among Gruppo Banca Leonardo S.p.A. (and Companies of Gruppo Banca Leonardo) and the issuers subject to research reports and trading ideas.

- Research Reports and Trading Ideas Disclaimers (updated: 03.08.2011).

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