Indice Comit Globale and Comit Globale R Ground Rules. Intesa Sanpaolo Research Department December 2017

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1 dice Comit Globale ad Comit Globale R Groud Rules tesa Sapaolo Research Departmet December 217

2 Comit Globale ad Comit Globale R idices Characteristics of the Comit Globale ad Comit Globale R idices This documet provides a summary of the fudametal rules for calculatig ad maagig the idices Comit Globale ad Comit Globale R prepared by tesa Sapaolo for the etire talia equity market Mercato Telematico Azioario (MTA). Depedig o the price used to calculate the Comit Globale idex, we have: a) Comit Globale b) Comit Globale R They are calculated usig the official prices ad referece prices, respectively (the extesio "R" refers to the referece prices). The Comit Globale ad Comit Globale R idices are i tur divided ito seve sector idices ad ie sub-sector idices: a) Comit Bacario (bakig) b) Comit Fiaziario (fiace) c) Comit Assicurativo (isurace) d) Comit Telecomuicazioi e Servizi (telecommuicatios ad services) e) Comit mmobiliare (real estate) f) Comit Trasporti e Tempo Libero (trasport ad leisure time) g) Comit dustriale (idustrial), sub-divided ito: a) Comit Alimetare e Grade Distribuzioe (food ad mass retail) b) Comit Cartario ed Editoriale (paper ad publishig) c) Comit Chimico e etrolchimico (chemicals ad petrochemicals) d) Comit Elettroico ed Elettromeccaico (electroics ad electromechaical) e) Comit Farmaceutico e Biomedico (pharmaceutical ad biomedical) f) Comit Cemeto, Costruzioe ed mpiatistica (cemet, costructio ad plat egieerig) g) Comit Metallurgico e Siderurgico (metal-workig, iro ad steel) h) Comit Tessile, Abbigliameto ed Accessori (textiles, apparel ad accessories) i) Comit Auto e Gomma (automotive ad rubber) h) Comit Trasporti e Tempo Libero (trasport ad leisure time) All sector idices are calculated usig official prices ad referece prices, whereas the idices ito which Comit dustriale is sub-divided (sub-sector idices) are calculated usig official prices oly. The "super sector" assiged by Borsa taliaa S.p.A. to each of the securities listed o the Mercato Telematico Azioario is used i order to assig each share to a sector ad, where ecessary, sub-sector.

3 1) Securities icluded i the idices The idices Comit Globale ad Comit Globale R iclude all equity securities listed o the Mercato Telematico Azioario, regardless of the segmet (Blue Chip, Star or Stadard). Shares "idefiitely" suspeded from listig are a exceptio to this rule ad are excluded from the idex with effect from the aoucemet by Borsa taliaa S.p.A. 2) Revisio of the idex Chages i the basket followig corporate actios (capital icreases, extraordiary divideds, chages i share capital, reverse splits, spi-offs ad de-listig) are usually made at the same time as the publicatio of the otice of the corporate actio by Borsa taliaa S.p.A. Each ew security is icluded i the basket o the first day o which the exchage is ope for busiess after the security is listed. 3) rices used to calculate the idices a) Comit Globale: while the exchage is ope, the weighted average prices with the trades to that poit; at closig, official prices. b) Comit Globale R: the referece prices at the ed of the exchage sessio. 4) Calculatio of the idices The arithmetic average of 1972 clearig prices, adjusted, where appropriate, has bee used as the base price of securities listed as at 31/12/1972, set equal to 1. The base price for subsequetly listed securities is the official "cum" price o the date of iclusio. Mometarily settig aside the matter of corporate actios, which result i discotiuity i observatios of the prices of the securities cocered, as discussed briefly below, our idex for the i-th security o the list at time t is calculated as follows: it, it, i, 1 where i,t = the price of security i o day t ad i, = the base price (or price at time zero) of security i tesa Sapaolo Research Departmet 2

4 The Comit market idices are thus equal to the weighted average of the idices for all securities, i.e.: t i, t i i 1 i a where t is the idex at time t, whereas ai refers to the "weight" of each security i the idex. particular, the ratio of the capitalisatio of the idividual security (price x umber of shares i issue) to total market capitalisatio has bee selected as the weightig criterio. Appropriately simplified, the idices take the followig form: t i 1 i 1 q it, i, q i, i, 1 where qi, represets the uchaged umber of shares i issue at time t as a cosequece of the iitially assumed simplificatio. Comit Globale ad Comit Globale R are "pure" price idices, meaig that their value decreases whe ordiary divideds are distributed, due to the loss of the claim to the divided associated with the shares that have distributed divideds. A similar procedure is followed for sector idices, with the sole proviso that i such cases 1... is the subset of securities icluded i the sector oly. 5) Adjustmets practice, there are various corporate actios ivolvig listed compaies each year, ad there may also be other evets (oe typical case is that of the de-listig of a security) that ted to create discotiuity i the historical series used to calculate the idex (for example, the umber of shares i issue chages ad the referece base capitalisatio must therefore chage i cases of rights issues ivolvig the ijectio of ew capital). Clearly, i order to cotiue to calculate the idex as before, the discotiuity must be remedied usig various approaches referred to as "adjustmets". The adjustmet is applied to the base capitalisatio: for example, i the classic case of a rights issue, the base capitalisatio chages to the same extet that curret capitalisatio icreases due to the ijectio of ew capital, accordig to the ratio: pre - issue cap. + rights issue adjusted base cap. = base cap pre - issue cap. This esures that the values take by the idex over time remai cosistet. tesa Sapaolo Research Departmet 3

5 the fial aalysis, the Comit "base 1972=1" idices will be calculated accordig to the formula: t it, qit, i1 1 ( q ) rett. i1 i, i, i.e.: t market capitalisatio at time t adjusted market capitalisatio at base time 1 6) Suspesio from tradig Shares that have bee suspeded from tradig are treated as follows: a) f the compay has become isolvet, the shares are removed from the idex with a price of zero b) f the compay has udertake a precautioary recapitalisatio 1, the shares are removed from the idex with a price of zero. The shares may the be icluded i the idex oce agai, ad their iclusio will be treated as a iitial public offerig (O) for all itets ad purposes. c) f the suspesio period is 6 workig days, the shares are removed from the idex at the price recorded durig the last sessio. f the shares are the readmitted to listig, their iclusio will be treated as a iitial public offerig (O) for all itets ad purposes. 7) ublicatio of idices The idices calculated by tesa Sapaolo are published through the mai ifo providers ad are available: from the website of tesa Sapaolo SpA, i the "Research" sectio; Bloomberg Thomso Reuters (all Comit idices ca be viewed usig the code #.BCNDEX.T) 1 jectio of ow fuds by a Member State ito a solvet bak i order to remedy a serious disturbace of the coutry's ecoomy ad preserve fiacial stability (cf. ECB) tesa Sapaolo Research Departmet 4

6 tesa Sapaolo Research Departmet Head of Research Departmet: Gregorio De Felice Agelo alumbo Maurizio iccolo Disclaimer This publicatio has bee produced by tesa Sapaolo. This report has bee prepared solely for iformatio purposes ad is ot iteded as a offer orsolicitatio with respect to the purchase or sale of ay fiacial products. This documet may oly be reproduced i whole or i part citig the ame tesa Sapaolo SpA. tesa Sapaolo Research Departmet 5

Indice Comit 30 Ground Rules. Intesa Sanpaolo Research Department December 2017

Indice Comit 30 Ground Rules. Intesa Sanpaolo Research Department December 2017 Idice Comit 30 Groud Rules Itesa Sapaolo Research Departmet December 2017 Comit 30 idex Characteristics of the Comit 30 idex 1) Securities icluded i the idices The basket used to calculate the Comit 30