<SEC-DOCUMENT>0001193805-17-000922.txt : 20170522
<SEC-HEADER>0001193805-17-000922.hdr.sgml : 20170522
<ACCEPTANCE-DATETIME>20170522170614
ACCESSION NUMBER:		0001193805-17-000922
CONFORMED SUBMISSION TYPE:	F-6
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170522
DATE AS OF CHANGE:		20170522

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENI SPA
		CENTRAL INDEX KEY:			0001002242
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218170
		FILM NUMBER:		17861714

	BUSINESS ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
		BUSINESS PHONE:		011390659824367

	MAIL ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citibank,N.A./ADR
		CENTRAL INDEX KEY:			0001472033
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6647

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6
<SEQUENCE>1
<FILENAME>e616185_f6-eni.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 50%"><B>As filed with the Securities and Exchange Commission on
May 22, 2017</TD>
    <TD STYLE="width: 50%; text-align: right"><B>Registration No. 333&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0.6pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM F-6&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES ACT OF 1933 FOR AMERICAN
DEPOSITARY SHARES EVIDENCED BY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPTS</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Eni S.p.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[N/A]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of issuer&rsquo;s name into
English)</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ITALIAN REPUBLIC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer<B>)</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of depositary as specified
in its charter<B>)</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">388 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(877) 248-4237</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of depositary&rsquo;s principal executive offices)</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CT Corporation System&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">111 Eighth Avenue (13th floor)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 894-8940</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of agent for service)</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John O&rsquo;Connor, Esq.&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oderisio de Vito Piscicelli,
Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sullivan &amp; Cromwell LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 New Fetter Lane</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>London EC4A 1AN</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herman H. Rasp&eacute;, Esq.</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patterson Belknap Webb &amp; Tyler LLP<BR>
        1133 Avenue of the Americas<BR>
        New York, New York 10036</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 54%; padding-left: 17.3pt">It is proposed that this filing become effective
under Rule 466:</TD>
    <TD STYLE="width: 4%; text-align: center">&#9744;</TD>
    <TD STYLE="width: 42%">immediately upon filing.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD>
    <TD>on (Date) at (Time).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">If a separate registration statement has been filed
to register the deposited shares, check the following box : &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of Each Class of</FONT><BR>
<FONT STYLE="font-size: 10pt">Securities to be Registered</FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Amount to be</FONT><BR>
<FONT STYLE="font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed Maximum</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Price Per Unit*&nbsp;</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed Maximum&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Offering Price**</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount of&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration Fee&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">American
Depositary Shares (<U>ADS(s)</U>), each ADS representing&nbsp;&nbsp;the right to receive two (2) ordinary shares of Eni S.p.A.</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">100,000,000 ADSs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$5.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$5,000,000.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$579.50</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1in; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">*</TD>
    <TD STYLE="width: 90%">Each
unit represents 100 ADSs.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>**</TD>
    <TD>Estimated solely
for the purpose of calculating the registration fee. Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum
aggregate fees or charges to be imposed in connection with the issuance of ADSs.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="padding-left: 0.25in"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay
    its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement
    shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until this Registration
    Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1in; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">This Registration Statement may be executed
in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute
one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">ii</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item</FONT> 1.<FONT STYLE="font-size: 10pt"></TD><TD>DESCRIPTION
OF SECURITIES TO BE REGISTERED</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item Number and Caption</U></B></P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Location in Form of American</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Receipt (&ldquo;<U>Receipt</U>&rdquo;)</B><BR>
<B><U>Filed Herewith as Prospectus&#9;</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.</TD>
    <TD COLSPAN="2">Name of Depositary and address of its principal executive office</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U> -&nbsp;&nbsp;Introductory Article.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.</TD>
    <TD COLSPAN="2">Title of Receipts and identity of deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U>&nbsp;&nbsp;- Top Center.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Terms of Deposit:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD>The amount of deposited securities represented by one American Depositary Share (&quot;ADSs&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U>&nbsp;&nbsp;- Upper right corner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD>The procedure for voting, if any, the deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Reverse of Receipt</U>&nbsp;&nbsp;- Paragraphs (17) and (18).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD>The collection and distribution of dividends</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Reverse of Receipt</U> - Paragraph (15).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD>The transmission of notices, reports and proxy soliciting material</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U>&nbsp;&nbsp;- Paragraph (14);<BR>
<U>Reverse of Receipt</U> - Paragraph (18).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD>The sale or exercise of rights</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt </U>&ndash; Paragraphs (15) and
(17).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD>The deposit or sale of securities resulting from dividends, splits or plans of reorganization</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraphs (3) and (6);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (15), (17) and
(19).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vii)</TD>
    <TD>Amendment, extension or termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Reverse of Receipt</U> - Paragraphs (23) and (24) (no provision for extensions).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(viii)</TD>
    <TD>Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U> - Paragraph (14).</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;<U>Receipt</U>&rdquo;)</B></P>
                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-decoration: none; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ix)</TD>
    <TD>Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U> &ndash; Paragraphs (2), (3), (4), (6), (7), (8), (9) and (10).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(x)</TD>
    <TD>Limitation upon the liability of the Depositary</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraph (8);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (15), (20) and
(21).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>3.</TD>
    <TD COLSPAN="2">Fees and charges which may be imposed directly or indirectly on holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U> - Paragraph (11).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Item 2.</B></TD>
    <TD STYLE="font-weight: bold; text-indent: 0.5in"><B>AVAILABLE INFORMATION</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none"><U>Face of Receipt</U> - Paragraph (14).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.5in">The Company is subject to the periodic reporting
requirements of the United States Securities Exchange Act of 1934, as amended, and, accordingly, files certain reports with, and
submits certain reports to, the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;). These reports
can be retrieved from the Commission&rsquo;s internet website (www.sec.gov), and can be inspected and copied at the public reference
facilities maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROSPECTUS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">The Prospectus consists of the proposed form of American Depositary
Receipt included as Exhibit A to the Form of Second Amended and Restated Deposit Agreement filed as Exhibit (a) to this Registration
Statement on Form F-6 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item</FONT> 3.<FONT STYLE="font-size: 10pt"></TD><TD>EXHIBITS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Form of Second Amended and Restated Deposit Agreement, by and among Eni S.p.A. (the &ldquo;<U>Company</U>&rdquo;), Citibank,
N.A., as depositary (the &ldquo;<U>Depositary</U>&rdquo;), and all Holders and Beneficial Owners of American Depositary Shares
issued thereunder (&ldquo;<U>Deposit Agreement</U>&rdquo;). <SUP>___</SUP> Filed herewith as Exhibit (a).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any other agreement to which the Depositary is a party relating to the issuance of the American Depositary Shares registered
hereunder or the custody of the deposited securities represented thereby. <SUP>___</SUP> None.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities
in effect at any time within the last three years. <SUP>___</SUP> None.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Opinion of counsel for the Depositary as to the legality of the securities to be registered. <SUP>___</SUP> Filed herewith
as Exhibit (d).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Certificate under Rule 466. <SUP>___</SUP> None.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item</FONT> 4.<FONT STYLE="font-size: 10pt"></TD><TD>UNDERTAKINGS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Depositary undertakes to make available at the principal office of the Depositary in the United States, for inspection
by holders of ADSs, any reports and communications received from the issuer of the deposited securities which are both (1) received
by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying
securities by the issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare a separate document
stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such
fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS thirty
(30) days before any change in the fee schedule.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Citibank, N.A., acting solely on behalf of the legal entity created by the Second Amended and Restated
Deposit Agreement, by and among Eni S.p.A., Citibank, N.A., as depositary, and all Holders and Beneficial Owners from time to time
of American Depositary Shares to be issued thereunder, certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, State of New York, on the 22nd  day of May, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Legal entity created by the Second Amended and Restated
Deposit Agreement under which the American Depositary Shares registered hereunder are to be issued, each American Depositary Share
representing the right to receive two (2) ordinary shares of Eni S.p.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK,
N.A., solely in its capacity as Depositary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Leslie DeLuca&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Leslie DeLuca&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Eni S.p.A. certifies that it has reasonable grounds to believe that all the requirements for filing on
Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on its behalf by the undersigned thereunto
duly authorized, in <FONT STYLE="font-size: 10pt">Rome, Italy, on May 22,  2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Eni S.p.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Massimo Mondazzi</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Massimo Mondazzi</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement on Form F-6 has been signed by the following persons in the following capacities
on May 9, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt; text-decoration: underline"><U>Signature</U></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; font-size: 10pt; text-decoration: underline"><U>Title</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-decoration: none; border-bottom: Black 1pt solid">/s/ Emma Marcegaglia</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-decoration: none">Chairman of the Board</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Emma Marcegaglia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Chairman</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Claudio Descalzi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Chief Executive Officer</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Claudio Descalzi</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.75pt 0pt 0">Position: Chief Executive Officer</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Massimo Mondazzi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Chief Financial Officer (principal financial </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Massimo Mondazzi</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Chief Financial Officer (principal financial
and accounting officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        and accounting
        officer)<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Andrea Gemma</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Andrea Gemma</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">Position: Non-executive
Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom"><U>Signature</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><U>Title</U></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Pietro Guindani</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Pietro Guindani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Non-executive Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Karina Litvack</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Karina Litvack</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Non-executive Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Alessandro Lorenzi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Alessandro Lorenzi</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Non-executive Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Diva Moriani</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Diva Moriani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Non-executive Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Fabrizio Pagani</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Fabrizio Pagani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Non-executive Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Domenico Trombone</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Domenico Trombone</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Position: Non-executive Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="margin: 0pt 0">Authorized Representative in the U.S.</P>


</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Authorized representative in the U.S.</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt 0">/s/ Lapo Pistelli</P>


</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><P STYLE="margin: 0pt 0"></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Lapo Pistelli</P>

<P STYLE="margin: 0pt 0">Position: Executive Vice President</P>


</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Index to Exhibits</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; font-size: 10pt; text-decoration: underline"><B><U>Exhibit</U></B></TD>
    <TD STYLE="width: 40%; font-size: 10pt; text-decoration: underline"><B><U>Document</U></B></TD>
    <TD STYLE="width: 29%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sequentially</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Numbered Page</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(a)</TD>
    <TD STYLE="font-size: 10pt">Form of Second Amended and Restated Deposit Agreement</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(d)</TD>
    <TD STYLE="font-size: 10pt">Opinion of counsel to the Depositary</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>e616185_ex99-a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><U STYLE="text-decoration: none">&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND AMENDED AND RESTATED DEPOSIT
AGREEMENT<BR></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENI S.p.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Depositary,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE HOLDERS AND BENEFICIAL OWNERS
OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES<BR>
ISSUED HEREUNDER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><U STYLE="text-decoration: none"></U></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of ______, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE I DEFINITIONS</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; width: 15%"><B>Section 1.</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; width: 80%">&ldquo;<B><U>ADS Record Date</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.2</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Affiliate</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.3</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>American Depositary Receipt(s)</U></B>&rdquo;, &ldquo;<B><U>ADR(s)</U></B>&rdquo; and &ldquo;<B><U>Receipt(s)</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.4</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>American Depositary Share(s)</U></B>&rdquo; and &ldquo;<B><U>ADS(s)</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.5</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Applicant</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.6</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Beneficial Owner</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.7</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B>&ldquo;<U>By-laws of the Company</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.8</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B>&ldquo;<U>Certificated ADS(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.9</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B>&ldquo;<U>Citibank</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.10</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Commission</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.11</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Company</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.12</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Custodian</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.13</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Deliver</U></B>&rdquo; and &ldquo;<B><U>Delivery</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.14</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Deposit Agreement</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.15</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Depositary</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.16</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B>&ldquo;<U>Deposited Property</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.17</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B>&ldquo;<U>Deposited Securities</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.18</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Dollars</U></B>&rdquo; and &ldquo;<B><U>$</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.19</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>DTC</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.20</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>DTC Participant</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.21</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Exchange Act</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.22</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Foreign Currency</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.23</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B>&ldquo;<U>Full Entitlement ADR(s)</U>&rdquo;, &ldquo;<U>Full Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Full
Entitlement Share(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.24</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Holder(s)</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.25</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Original Deposit Agreement</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.26</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Partial Entitlement ADR(s)</U></B>&rdquo;<B>, </B>&ldquo;<B><U>Partial Entitlement ADS(s)</U></B>&rdquo;
and &ldquo;<B><U>Partial Entitlement Share(s)</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.27</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Pre-Release Transaction</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.28</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Principal Office</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.29</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Registrar</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.30</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Restricted Securities</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.31</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Restricted ADR(s)</U></B>&rdquo;, &ldquo;<B><U>Restricted ADS(s)</U></B>&rdquo; and &ldquo;<B><U>Restricted
Shares</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.32</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Securities Act</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.33</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Share Registrar</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.34</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Shares</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.35</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>Uncertificated ADS(s)</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 1.36</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&ldquo;<B><U>United States</U></B>&rdquo; and &ldquo;<B><U>U.S.</U></B>&rdquo;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.1</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Appointment of Depositary</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.2</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Form and Transferability of ADSs</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.3</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Deposit of Shares</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; width: 15%"><B>Section 2.4</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; width: 80%"><B><U>Registration and Safekeeping of Deposited Securities</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.5</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Issuance of ADSs.</U></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.6</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Transfer, Combination and Split-up of
ADRs</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.7</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Surrender of ADSs and Withdrawal of
Deposited Securities</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; vertical-align: top"><B>Section 2.8</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.9</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Lost ADRs, etc</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.10</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.11</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Escheatment</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.12</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Partial Entitlement ADSs</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.13</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Certificated/Uncertificated ADSs</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 2.14</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Restricted ADSs</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 3.1</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Proofs, Certificates and Other Information</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 3.2</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Liability for Taxes and Other Charges</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 3.3</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Representations and Warranties on Deposit of Shares</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 3.4</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Compliance with Information Requests</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 3.5</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Ownership Restrictions</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 3.6</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Reporting Obligations and Regulatory Approvals</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE IV THE DEPOSITED SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.1</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Cash Distributions</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.2</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Distribution in Shares</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.3</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Elective Distributions in Cash or Shares</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.4</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Distribution of Rights to Purchase Additional
ADSs</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.5</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Distributions Other Than Cash, Shares or Rights to Purchase Shares</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.6</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Distributions with Respect to Deposited
Securities in Bearer Form</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.7</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Redemption</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.8</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Conversion of Foreign Currency</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.9</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Fixing of ADS Record Date</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.10</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Voting of Deposited Securities</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.11</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Changes Affecting Deposited Securities</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.12</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Available Information.</U></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.13</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Reports</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.14</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>List of Holders</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 4.15</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Taxation</U></B>.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.1</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Maintenance of Office and Transfer Books
by the Registrar</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.2</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Exoneration</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.3</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Standard of Care</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.4</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Resignation and Removal of the Depositary;
Appointment of Successor Depositary</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.5</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>The Custodian</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; width: 15%"><B>Section 5.6</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; width: 80%"><B><U>Notices and Reports</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.7</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Issuance of Additional Shares, ADSs
etc</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.8</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Indemnification</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.9</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>ADS Fees and Charges</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.10</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Pre-Release Transactions</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 5.11</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Restricted Securities Owners</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE VI AMENDMENT AND TERMINATION</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 6.1</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Amendment/Supplement</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 6.2</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Termination</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0pt; padding-bottom: 0pt">ARTICLE VII MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.1</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Counterparts</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.2</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>No Third-Party Beneficiaries</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.3</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Severability</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.4</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Holders and Beneficial Owners as Parties; Binding Effect</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.5</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Notices</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.6</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Governing Law and Jurisdiction</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.7</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Assignment</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.8</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Compliance with U.S. Securities Laws</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.9</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Italian Law References</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.10</B></TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Titles and References</U>.</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt"><B>Section 7.11</B>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt"><B><U>Amendment and Restatement</U></B>.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">EXHIBITS</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Form of ADR.&#9;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">A-1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt">Fee Schedule.&#9;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">B-1</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND AMENDED AND RESTATED DEPOSIT
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT</B>,
dated as of [_______], 2017, by and among (i)&nbsp;Eni S.p.A., a company organized and existing under the laws of the Italian Republic,
and its successors (the &ldquo;<U>Company</U>&rdquo;), (ii)&nbsp;CITIBANK, N.A., a national banking association organized under
the laws of the United States of America (&ldquo;<U>Citibank</U>&rdquo;) acting in its capacity as depositary, and any successor
depositary hereunder (Citibank, in such capacity, the &ldquo;<U>Depositary</U>&rdquo;), and (iii)&nbsp;all Holders and Beneficial
Owners of American Depositary Shares issued hereunder (all such capitalized terms as hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H&nbsp;&nbsp;&nbsp;T
H A T</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company and JPMorgan
Chase Bank, N.A. (&ldquo;<U>JPMorgan</U>&rdquo;) entered into a deposit agreement dated as of December 5, 1995 for the purposes
set forth therein, which deposit agreement was amended and restated as of December 21, 2005 to remove JP Morgan as depositary and
replace it with The Bank of New York Mellon as depositary (as such deposit agreement has been supplemented, amended and restated
up to the date hereof, the &ldquo;<U>Original Deposit Agreement</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to amend
and restate the Original Deposit Agreement and establish with the Depositary an ADR facility to provide <I>inter alia</I> for the
deposit of the Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited
and for the execution and delivery of American Depositary Receipts (as hereinafter defined) evidencing such American Depositary
Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to amend
and restate the Original Deposit Agreement and to transfer to the Depositary the ADR facility currently existing under the Original
Deposit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Depositary is willing
to act as the Depositary for such ADR facility upon the terms set forth in the Deposit Agreement (as hereinafter defined); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, any American Depositary
Receipts issued pursuant to the terms of the Deposit Agreement are to be substantially in the form of <U>Exhibit A</U> attached
hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE I<BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>ADS Record Date</U></B>&rdquo; shall have the meaning given to such term in Section&nbsp;4.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>Affiliate</U></B>&rdquo; shall have the meaning assigned to such term by the Commission (as hereinafter
defined) under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>American Depositary Receipt(s)</U></B>&rdquo;, &ldquo;<B><U>ADR(s)</U></B>&rdquo; and &ldquo;<B><U>Receipt(s)</U></B>&rdquo;
shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the
Deposit Agreement in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in
accordance with the provisions of the Deposit Agreement. An ADR may evidence any whole number of ADSs and may, in the case of ADSs
held through a central depository such as DTC, be in the form of a &ldquo;Balance Certificate.&rdquo; Notwithstanding anything
else contained herein or in the ADRs, the American depositary receipts issued and outstanding under the terms of the Original Deposit
Agreement shall, from and after the date hereof, be treated as ADRs issued hereunder and shall, from and after the date hereof,
be subject to the terms hereof in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>American
Depositary Share(s)</U></B>&rdquo; and &ldquo;<B><U>ADS(s)</U></B>&rdquo; shall mean the rights and interests in the Deposited
Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the Deposit
Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence such ADSs. ADS(s) may
be issued under the terms of the Deposit Agreement in the form of (a)&nbsp;Certificated ADS(s) (as hereinafter defined), in which
case the ADS(s) are evidenced by ADR(s), or (b)&nbsp;Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s)
are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes
under the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the context otherwise
requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as
the context may require. Each ADS shall represent the right to receive, and to exercise the beneficial ownership interests in,
the number of Shares specified in the form of ADR attached hereto as <U>Exhibit A</U> (as amended from time to time) on deposit
with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit Agreement and the
applicable ADR (if issued as a Certificated ADS), until there shall occur a distribution upon Deposited Securities referred to
in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not issued,
and thereafter each ADS shall represent the right to receive, and to exercise the beneficial ownership interests in, the applicable
Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms of such Sections,
subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated
ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement
(which may give rise to Depositary fees). American depositary shares outstanding under the Original Deposit Agreement as of the
date hereof shall, from and after the date hereof, for all purposes be treated as American Depositary Shares issued and outstanding
hereunder and shall, from and after the date hereof, be subject to the terms and conditions of the Deposit Agreement in all respects,
except that any amendment of the Original Deposit Agreement effected under the terms of the Deposit Agreement which prejudices
any substantial existing right of &ldquo;Holders&rdquo; or &ldquo;Beneficial Owners&rdquo; (each, as defined in the Original Deposit
Agreement) shall not become effective as to such &ldquo;Holders&rdquo; or &ldquo;Beneficial Owners&rdquo; until the expiration
of thirty (30) days after notice of the amendments effected by the Deposit Agreement shall have been given to such &ldquo;Holders&rdquo;
or &ldquo;Beneficial Owners&rdquo; of American depositary shares outstanding under the Original Deposit Agreement as of the date
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>Applicant</U></B>&rdquo; shall have the meaning given to such term in Section 5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>Beneficial Owner</U></B>&rdquo; shall mean, as to any ADS, any person or entity having a beneficial interest
deriving from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other
instruments or agreements relating to the ADSs and the corresponding Deposited Property, the Depositary, the Custodian and their
respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders
only of the Deposited Property represented by the ADSs for the benefit of the Holders and Beneficial Owners of the corresponding
ADSs. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial
ownership interest in the Deposited Property held on behalf of the Holders and Beneficial Owners of ADSs. The beneficial ownership
interests in the Deposited Property are intended to be, and shall at all times during the term of the Deposit Agreement continue
to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. The beneficial ownership interests in the
Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by the Beneficial Owners of the ADSs only through
the Holders of such ADSs, by the Holders of the ADSs (on behalf of the applicable Beneficial Owners) only through the Depositary,
and by the Depositary (on behalf of the Holders and Beneficial Owners of the corresponding ADSs) directly, or indirectly through
the Custodian or their respective nominees, in each case upon the terms of the Deposit Agreement and, if applicable, the terms
of the ADR(s) evidencing the ADSs. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall
be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by
such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all
the ADSs registered in his/her/its name. The manner in which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as
registered holder) may affect the rights and obligations of, the manner in which, and the extent to which, services are made available
to, Beneficial Owners pursuant to the terms of the Deposit Agreement. Persons who own beneficial interests in the American depositary
shares issued under the terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the
date hereof, be treated as Beneficial Owners of ADS(s) under the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<U>By-laws
of the Company</U>&rdquo; </B>shall refer to the &ldquo;<I>statuto societario</I>&rdquo; of the Company within the meaning
that such term has under Italian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<U>Certificated
ADS(s)</U>&rdquo;</B> shall have the meaning set forth in Section 2.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<U>Citibank</U>&rdquo;
</B>shall mean Citibank, N.A., a national banking association organized under the laws of the United States of America, and its
successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Commission</U></B>&rdquo; shall mean the Securities and Exchange Commission of the United States or any
successor governmental agency thereto in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>Company</U></B>&rdquo; shall mean Eni S.p.A., a company organized and existing under the laws of the Italian
Republic, and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Custodian</U></B>&rdquo; shall mean (i) as of the date hereof, Citibank N.A. Milan Branch, having its principal
office at Via Dei Mercanti, 12, 20121 Milan, Italy, as the custodian of Deposited Property for the purposes of the Deposit Agreement,
(ii) Citibank, N.A., acting as custodian of Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity that
may be appointed by the Depositary pursuant to the terms of Section&nbsp;5.5 as successor, substitute or additional custodian hereunder.
The term &ldquo;Custodian&rdquo; shall mean any Custodian individually or all Custodians collectively, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Deliver</U></B>&rdquo; and &ldquo;<B><U>Delivery</U></B>&rdquo; shall mean (x) <I>when used in respect
of Shares and other Deposited Securities</I>, either (i)&nbsp;the physical delivery of the certificate(s) representing such securities,
or (ii)&nbsp;the book-entry transfer and recordation of such securities on the books of the Share Registrar (as hereinafter defined),
and (y) <I>when used in respect of ADSs</I>, either (i) the physical delivery of ADR(s) evidencing the ADSs, or (ii) the book-entry
transfer and recordation of ADSs on the books of the Depositary or any book-entry settlement system in which the ADSs are settlement-eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Deposit Agreement</U></B>&rdquo; shall mean this Second Amended and Restated Deposit Agreement and all
exhibits hereto, as the same may from time to time be amended and supplemented from time to time in accordance with the terms of
the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>Depositary</U></B>&rdquo; shall mean Citibank, N.A., a national banking association organized under the
laws of the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<U>Deposited Property</U>&rdquo;</B> shall mean the Deposited Securities and any cash and other property held on
deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the case
of cash, to the provisions of Section&nbsp;4.8. All Deposited Property shall be held by the Custodian, the Depositary and their
respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited
Property is not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial
ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue
to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. Notwithstanding the foregoing, the collateral
delivered in connection with Pre-Release Transactions described in Section&nbsp;5.10 shall not constitute Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
herein, the securities, cash and other property delivered to the Custodian and the Depositary in respect of American depositary
shares outstanding as of the date hereof under the Original Deposit Agreement and defined as &ldquo;Deposited Securities&rdquo;
thereunder shall, for all purposes from and after the date hereof, be considered to be, and treated as, Deposited Property hereunder
in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<U>Deposited Securities</U>&rdquo;</B> shall mean the Shares and any other securities held on deposit by the Custodian
from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Dollars</U></B>&rdquo; and &ldquo;<B><U>$</U></B>&rdquo; shall refer to the lawful currency of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>DTC</U></B>&rdquo; shall mean The Depository Trust Company, a national clearinghouse and the central book-entry
settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants
(as hereinafter defined) maintained in DTC, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>DTC Participant</U></B>&rdquo; shall mean any financial institution (or any nominee of such institution)
having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC
Participant may or may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of the ADSs credited to its
account at DTC, or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed,
for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to
its account at DTC or in respect of which the DTC Participant is so acting. A DTC Participant, upon acceptance in any one of its
DTC accounts of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement,
or by continuing to hold in any one of its DTC accounts, from and after the date hereof, any American depositary shares issued
and outstanding under the Original Deposit Agreement, shall be deemed for all purposes to be a party to, and bound by, the terms
of the Deposit Agreement and the applicable ADR(s) to the same extent as, and as if the DTC Participant were, the Holder of such
ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Exchange Act</U></B>&rdquo; shall mean the United States Securities Exchange Act of 1934, as amended from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Foreign Currency</U></B>&rdquo; shall mean any currency other than Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Full Entitlement ADR(s)</U>&rdquo;, &ldquo;<U>Full Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Full Entitlement
Share(s)</U>&rdquo;</B> shall have the respective meanings set forth in Section&nbsp;2.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Holder(s)</U></B>&rdquo; shall mean the person(s) in whose name the ADSs are registered on the books of
the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder
is not the Beneficial Owner of the ADS(s) registered in its name, such person shall be deemed, for all purposes hereunder, to have
all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The manner in which a Holder
holds ADSs (e.g., in certificated vs. uncertificated form) may affect the rights and obligations of, and the manner in which the
services are made available to, Holders pursuant to the terms of the Deposit Agreement. The &ldquo;Holders&rdquo; (as defined in
the Original Deposit Agreement) of American depositary shares issued under the terms of the Original Deposit Agreement and outstanding
as of the date hereof shall from and after the date hereof, become Holders under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Original Deposit Agreement</U></B>&rdquo; shall have the meaning given to such term in the preambles to
the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Partial Entitlement ADR(s)</U></B>&rdquo;<B>, </B>&ldquo;<B><U>Partial Entitlement ADS(s)</U></B>&rdquo;
and &ldquo;<B><U>Partial Entitlement Share(s)</U></B>&rdquo; shall have the respective meanings set forth in Section 2.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Pre-Release Transaction</U></B>&rdquo; shall have the meaning set forth in Section&nbsp;5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Principal Office</U></B>&rdquo; shall mean, when used with respect to the Depositary, the principal office
of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of
the Deposit Agreement, is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Registrar</U></B>&rdquo; shall mean the Depositary or any bank or trust company having an office in the
Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations
of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other
than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed
pursuant to the Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&ldquo;<B><U>Restricted Securities</U></B>&rdquo; shall mean Shares, Deposited Securities or ADSs which (i)&nbsp;have
been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving
any public offering and are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii)&nbsp;are
held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii)&nbsp;are
subject to other restrictions on sale or deposit under the laws of the United States, the Italian Republic, or under a shareholder
agreement or the By-laws of the Company or under the regulations of an applicable securities exchange unless, in each case, such
Shares, Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction
(a)&nbsp;covered by an effective resale registration statement, or (b)&nbsp;exempt from the registration requirements of the Securities
Act (as hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Restricted ADR(s)</U></B>&rdquo;, &ldquo;<B><U>Restricted ADS(s)</U></B>&rdquo; and &ldquo;<B><U>Restricted
Shares</U></B>&rdquo; shall have the respective meanings set forth in Section 2.14<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Securities Act</U></B>&rdquo; shall mean the United States Securities Act of 1933, as amended from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Share Registrar</U></B>&rdquo; shall mean Monte Titoli S.p.A., the entity that provides the book-entry
settlement system for equity securities in the Italian Republic, or any successor entity thereto, or any other institution organized
under the laws of the Italian Republic appointed by the Company to carry out the duties of registrar for the Shares, and any successor
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Shares</U></B>&rdquo; shall mean the Company&rsquo;s ordinary shares, in registered or bearer form, validly
issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence
of the right to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share
ownership or transactions; <U>provided that</U> in no event shall Shares include evidence of the right to receive Shares with respect
to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived
or exercised; <U>provided further</U>, <U>however</U>, <U>that</U>, if there shall occur any change in par or nominal value, split-up,
consolidation, reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of
the Company, the term &ldquo;Shares&rdquo; shall thereafter, to the maximum extent permitted by law, represent the successor securities
resulting from such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Uncertificated ADS(s)</U></B>&rdquo; shall have the meaning set forth in Section 2.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>United States</U></B>&rdquo; and &ldquo;<B><U>U.S.</U></B>&rdquo; shall have the meaning assigned to it
in Regulation&nbsp;S as promulgated by the Commission under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE II<BR>
<BR>
APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;<BR>
DEPOSIT OF SHARES; EXECUTION AND<BR>
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Depositary</U>.</B> The Company hereby appoints the Depositary as depositary for the Deposited Property
and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement
and the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in
accordance with the terms and conditions of the Deposit Agreement or by continuing to hold, from and after the date hereof any
American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes to (a)&nbsp;be
a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b)&nbsp;appoint the Depositary its attorney-in-fact,
with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the
applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary
in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable
ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form and Transferability of ADSs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Form</U>. </B>Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed
or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit
Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form set forth in <U>Exhibit&nbsp;A</U>
to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated
in the Deposit Agreement or required by law. ADRs shall be (i)&nbsp;dated, (ii)&nbsp;signed by the manual or facsimile signature
of a duly authorized signatory of the Depositary, (iii)&nbsp;countersigned by the manual or facsimile signature of a duly authorized
signatory of the Registrar, and (iv)&nbsp;registered in the books maintained by the Registrar for the registration of issuances
and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement
or be valid or enforceable for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed,
countersigned and registered (other than an American depositary receipt issued and outstanding as of the date hereof under the
terms of the Original Deposit Agreement which from and after the date hereof becomes subject to the terms of the Deposit Agreement
in all respects). ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at
the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary,
notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary.
The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts
previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary) and the Company
and which are not ADRs outstanding hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Legends</U>. </B>The ADRs may be endorsed with, or have incorporated in the text thereof, such legends or recitals not
inconsistent with the provisions of the Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform
their respective obligations hereunder, (ii)&nbsp;required to comply with any applicable laws or regulations, or with the rules
and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage
with respect thereto, (iii)&nbsp;necessary to indicate any special limitations or restrictions to which any particular ADRs or
ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) required by any book-entry
system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be
bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable
Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><U>Title</U>. </B>Subject to the limitations contained herein and in the ADR, title to an ADR (and to each Certificated
ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New
York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments
of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS
(that is, the person in whose name an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes.
Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or
any ADR to any holder or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder registered on
the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner&rsquo;s representative,
is the Holder registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Book-Entry Systems</U>. </B>The Depositary shall make arrangements for the acceptance of the ADSs into DTC. All ADSs
held through DTC will be registered in the name of the nominee for DTC (currently &ldquo;<U>Cede &amp; Co.</U>&rdquo;). Unless
issued by the Depositary as Uncertificated ADSs, the ADSs registered in the name of Cede &amp; Co. will be evidenced by one or
more ADR(s) in the form of a &ldquo;Balance Certificate,&rdquo; which will provide that it represents the aggregate number of ADSs
from time to time indicated in the records of the Depositary as being issued hereunder and that the aggregate number of ADSs represented
thereby may from time to time be increased or decreased by making adjustments on such records of the Depositary and of DTC or its
nominee as hereinafter provided. Citibank, N.A. (or such other entity as is appointed by DTC or its nominee) may hold the &ldquo;Balance
Certificate&rdquo; as custodian for DTC. Each Beneficial Owner of ADSs held through DTC must rely upon the procedures of DTC and
the DTC Participants to exercise or be entitled to any rights attributable to such ADSs. The DTC Participants shall for all purposes
be deemed to have all requisite power and authority to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants&rsquo;
respective accounts in DTC and the Depositary shall for all purposes be authorized to rely upon any instructions and information
given to it by DTC Participants. So long as ADSs are held through DTC or unless otherwise required by law, ownership of beneficial
interests in the ADSs registered in the name of the nominee for DTC will be shown on, and transfers of such ownership will be effected
only through, records maintained by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants
or their nominees (with respect to the interests of clients of DTC Participants). Any distributions made, and any notices given,
by the Depositary to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy
the Depositary&rsquo;s obligations under the Deposit Agreement to make such distributions, and give such notices, in respect of
the ADSs held in DTC (including, for avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to
the Beneficial Owners of such ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Shares</U>.</B> Subject to the terms and conditions of the Deposit Agreement and applicable law, Shares or
evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary
in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at
any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares
to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)&nbsp;(i)&nbsp;<I>in the case of Shares represented
by certificates issued in registered form</I>, appropriate instruments of transfer or endorsement, in a form satisfactory to the
Custodian, (ii)&nbsp;<I>in the case of Shares represented by certificates in bearer form</I>, the requisite coupons and talons
pertaining thereto, and (iii)&nbsp;<I>in the case of Shares delivered by book-entry transfer and recordation</I>, confirmation
to the Custodian (x) of such book-entry transfer and recordation in the books of the Share Registrar, as applicable, or (y) that
irrevocable instructions have been given to cause such Shares to be so transferred and recorded, (B)&nbsp;at the cost and expense
of the person for whom the Shares are so deposited, such certifications and payments (including, without limitation, the Depositary&rsquo;s
fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares
by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement
and applicable law, (C)&nbsp;if the Depositary so requires, a written order directing the Depositary to issue and deliver to, or
upon the written order of, the person(s) stated in such order the number of ADSs representing the Shares so deposited, (D)&nbsp;at
the cost and expense of the persons for whom the Shares are so deposited, evidence reasonably satisfactory to the Depositary and
the Custodian (which may be an opinion of counsel) that all necessary approvals have been granted by, or there has been compliance
with the rules and regulations of, any applicable governmental agency in the Italian Republic, and (E)&nbsp;if the Depositary so
requires, (i)&nbsp;an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the
prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right
to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such
indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii)&nbsp;if the Shares are registered
in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise
voting rights in respect of the deposited Shares for any and all purposes until the Shares so deposited are registered in the name
of the Depositary, the Custodian or any nominee. Without limiting the foregoing, and notwithstanding anything contained herein
to the contrary, any person depositing Shares against issuance of ADSs shall disclose to the Depositary in writing if, following
such issuance of ADSs, such Holder or Beneficial Owner would be the beneficial owner of 3% or more of the voting share capital
of the Company, including through the holding of ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting any other provision of
the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit
(a)&nbsp;any Restricted Securities, except as contemplated by Section 2.14, nor (b)&nbsp;any fractional Shares or fractional Deposited
Securities nor (c)&nbsp;a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give
rise to fractional ADSs. No Shares shall be accepted for deposit unless the terms of this Section 2.3 have been complied with or
waived by the Depositary. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent
of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction
records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership
of Shares furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity involved in
ownership or transaction records in respect of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement (A)&nbsp;any Shares or other securities required
to be registered under the provisions of the Securities Act, unless (i)&nbsp;a registration statement is in effect as to such Shares
or other securities or (ii)&nbsp;the deposit is made upon terms contemplated in Section 2.14, or (B)&nbsp;any Shares or other securities
the deposit of which would violate any provisions of the By-laws of the Company. For purposes of the foregoing sentence, the Depositary
shall be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement and shall not
be required to make any further investigation absent actual knowledge that such representations and warranties are untrue. Without
limitation of the foregoing, other than pursuant to Section 2.14, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any Shares required to be registered under the provisions of the Securities Act, unless a registration statement
is in effect as to such Shares. The Depositary will comply with written instructions of the Company (received by the Depositary
reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions at such times and under such
circumstances as specified in such instructions in order to facilitate compliance by the Company and/or the Holders with the securities
laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration and Safekeeping of Deposited Securities</U>.</B> The Depositary shall instruct the Custodian upon each Delivery
of registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof),
together with the other documents above specified, to present such Shares, together with the appropriate instrument(s) of transfer
or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration
can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian
or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the account and to the order
of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such place(s)
as the Depositary or the Custodian shall determine. The Depositary agrees to instruct the Custodian to place the Shares deposited
hereunder into a separate safekeeping account established for the ADS facility contemplated hereby, which shall be separate from,
and shall not hold any Shares or other securities that may be held by the Custodian under any other depositary receipt facility.
Notwithstanding anything else contained in the Deposit Agreement, any ADR(s), or any other instruments or agreements relating to
the ADSs and the corresponding Deposited Property, the registration of the Deposited Securities in the name of the Depositary,
the Custodian or any of their respective nominees, shall, to the maximum extent permitted by applicable law, vest in the Depositary,
the Custodian or the applicable nominee the record ownership in the applicable Deposited Securities with the beneficial ownership
rights and interests in such Deposited Securities being at all times vested with the Beneficial Owners of the ADSs representing
the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable nominee shall at all
times be entitled to exercise the beneficial ownership rights in all Deposited Property, in each case only on behalf of the Holders
and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth in the Deposit Agreement and, if
applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective nominees shall for all purposes
be deemed to have all requisite power and authority to act in respect of Deposited Property on behalf of the Holders and Beneficial
Owners of ADSs representing the Deposited Property, and upon making payments to, or acting upon instructions from, or information
provided by, the Depositary, the Custodian or their respective nominees all persons shall be authorized to rely upon such power
and authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of ADSs.</U></B> The Depositary has made arrangements with the Custodian for the Custodian to confirm to the
Depositary upon receipt of a deposit of Shares (i)&nbsp;that a deposit of Shares has been made pursuant to Section 2.3, (ii)&nbsp;that
such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either of them on the
shareholders&rsquo; register maintained by or on behalf of the Company by the Share Registrar, (iii)&nbsp;that all required documents
have been received, and (iv)&nbsp;the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number
of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of
the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian,
the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the ADSs representing
the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable,
shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such person(s) and evidencing
the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the
charges of the Depositary for accepting a deposit of Shares and issuing ADSs (as set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U>
hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares
and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing
whole numbers of ADSs. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Combination and Split-up of ADRs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. </B>The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books
maintained for such purpose and the Depositary shall (x)&nbsp;cancel such ADRs and execute new ADRs evidencing the same aggregate
number of ADSs as those evidenced by the ADRs canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new
ADRs and (z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions
has been satisfied: (i)&nbsp;the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to
the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii)&nbsp;the surrendered ADRs have been
properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard
securities industry practice), (iii)&nbsp;the surrendered ADRs have been duly stamped (if required by the laws of the State of
New York or of the United States), and (iv)&nbsp;all applicable fees and charges of, and expenses incurred by, the Depositary and
all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U> hereto) have been
paid, <I>subject, however, in each case, </I>to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of
applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Combination &amp; Split-Up</U>. </B>The Registrar shall register the split-up or combination of ADRs (and of the ADSs
represented thereby) on the books maintained for such purpose and the Depositary shall (x)&nbsp;cancel such ADRs and execute new
ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs canceled by
the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs and (z)&nbsp;Deliver such new ADRs to or upon the order
of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;the ADRs have been duly Delivered by the
Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting
a split-up or combination thereof, and (ii)&nbsp;all applicable fees and charges of, and expenses incurred by, the Depositary and
all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit B</U> hereto) have been paid,
<I>subject, however, in each case</I>, to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable
law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>.</B>The Holder of ADSs shall be entitled to Delivery (at
the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each
of the following conditions: (i)&nbsp;the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary
at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities
represented thereby, (ii)&nbsp;if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose
have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees
in accordance with standard securities industry practice), (iii)&nbsp;if so required by the Depositary, the Holder of the ADSs
has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn
to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges
of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as set forth in Section 5.9 and
<U>Exhibit B</U>) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of the ADRs evidencing the
surrendered ADSs, of the Deposit Agreement, of the By-laws of the Company and of any applicable laws and the rules of the Share
Registrar, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i)&nbsp;shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs
so Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained
for such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each case, as promptly as
practicable, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title
for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the
written order of the person(s) designated in the order delivered to the Depositary for such purpose, <I>subject however, in each
case, </I>to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so canceled, of the By-laws of
the Company, of any applicable laws and of the rules of the Share Registrar, and to the terms and conditions of or governing the
Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fraction of a Share, or (ii)&nbsp;sell or cause to be sold Shares partially represented by the
surrendered ADSs representing any remaining fraction of a Share and remit the portion of the proceeds of such sale attributable
to such ADSs (net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the Depositary and (b)&nbsp;taxes withheld)
to the person surrendering the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in any ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any non-cash distributions,
which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities)
held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section
2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc</U>.</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Requirements</U>. </B>As a condition precedent to the execution and delivery, the registration of issuance,
transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited
Property, the Depositary or the Custodian may require (i)&nbsp;payment from the depositor of Shares or presenter of ADSs or of
an ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee
with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees and charges of the Depositary as provided in Section&nbsp;5.9 and <U>Exhibit B</U>, (ii)&nbsp;the production
of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1,
and (iii)&nbsp;compliance with (A)&nbsp;any laws or governmental regulations relating to the execution and delivery of ADRs or
ADSs or to the withdrawal of Deposited Securities and (B)&nbsp;such reasonable regulations as the Depositary and the Company may
establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Limitations</U>. </B>The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular
instances may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer
books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or
advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or
regulation, the By-laws of the Company, any government or governmental body or commission or any securities exchange on which the
ADSs or Shares are listed, or under any provision of the Deposit Agreement or the representative ADR(s), if applicable, or under
any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other
reason, subject, in all cases, to Section 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Restrictions</U>. </B>Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary,
Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject
only to (i)&nbsp;temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares
in connection with voting at a shareholders&rsquo; meeting or the payment of dividends, (ii)&nbsp;the payment of fees, taxes and
similar charges, (iii)&nbsp;compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the
withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances specifically contemplated by Instruction I.A.(l) of the
General Instructions to Form F-6 (as such General Instructions may be amended from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lost ADRs, etc</U>.</B> In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute
and deliver a new ADR of like tenor at the expense of the Holder (a)&nbsp;<I>in the case of a mutilated ADR, </I>in exchange of
and substitution for such mutilated ADR upon cancellation thereof, or (b)&nbsp;<I>in the case of a destroyed, lost or stolen ADR,</I>
in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i)&nbsp;has submitted to the
Depositary a written request for such exchange and substitution before the Depositary has notice that the ADR has been acquired
by a bona fide purchaser, (ii)&nbsp;has provided such security or indemnity (including an indemnity bond) as may be required by
the Depositary to save it and any of its agents harmless, and (iii)&nbsp;has satisfied any other reasonable requirements imposed
by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or theft of
such ADR, the authenticity thereof and the Holder&rsquo;s ownership thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records</U>.</B> All ADRs surrendered to the Depositary
shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid
or enforceable against the Depositary for any purpose. The Depositary is authorized to destroy ADRs so canceled, provided the Depositary
maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (e<I>.g.</I>, through accounts at DTC) shall be deemed
canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs
surrendered (without the need to physically destroy the Balance Certificate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Escheatment</U>.</B> In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of
Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels,
the Depositary shall, upon expiration of any applicable statutory period relating to abandoned property laws, escheat such unclaimed
property to the relevant authorities in accordance with the laws of each of the relevant States of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Partial Entitlement ADSs</U>.</B> In the event any Shares are deposited which (i)&nbsp;entitle the holders thereof to
receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii)&nbsp;are not
fully fungible (including, without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on
deposit collectively, &ldquo;<U>Full Entitlement Shares</U>&rdquo; and the Shares with different entitlement, &ldquo;<U>Partial
Entitlement Shares</U>&rdquo;), the Depositary shall (i)&nbsp;cause the Custodian to hold Partial Entitlement Shares separate and
distinct from Full Entitlement Shares, and (ii)&nbsp;subject to the terms of the Deposit Agreement, issue ADSs representing Partial
Entitlement Shares which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP
numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon
(&ldquo;<U>Partial Entitlement ADSs/ADRs</U>&rdquo; and &ldquo;<U>Full Entitlement ADSs/ADRs</U>&rdquo;, respectively). If and
when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full
Entitlement ADRs, (b)&nbsp;cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement
Shares, and (c)&nbsp;take such actions as are necessary to remove the distinctions between (i)&nbsp;the Partial Entitlement ADRs
and ADSs, on the one hand, and (ii)&nbsp;the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of Partial
Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full
Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit
Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated
by this Section&nbsp;2.12. The Depositary is authorized to take any and all other actions as may be necessary (including, without
limitation, making the necessary notations on ADRs) to give effect to the terms of this Section&nbsp;2.12. The Company agrees to
give timely written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall use
its reasonable efforts to assist the Depositary with the establishment of procedures enabling the identification of Partial Entitlement
Shares upon Delivery to the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Certificated/Uncertificated ADSs</U>.</B> Notwithstanding any other provision of the Deposit Agreement, the Depositary
may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the &ldquo;<U>Uncertificated ADS(s)</U>&rdquo;
and the ADS(s) evidenced by ADR(s), the &ldquo;<U>Certificated ADS(s)</U>&rdquo;). When issuing and maintaining Uncertificated
ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i)&nbsp;the standards applicable to registrars
and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities
under New York law, and (ii)&nbsp;the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs
shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for
such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims
of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated
ADS(s) of the same type and class, subject in each case to (x) applicable laws and any rules and regulations the Depositary may
have established in respect of the Uncertificated ADSs , and (y) the continued availability of Certificated ADSs in the U.S. Holders
of Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs, have the right to exchange the
Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary for such purpose
and (ii) the presentation of a written request to that effect to the Depositary, subject in each case to (a) all liens and restrictions
noted on the ADR evidencing the Certificated ADS(s) and all</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">adverse
claims of which the Depositary then has notice, (b) the terms of the Deposit Agreement and the rules and regulations that the
Depositary may establish for such purposes hereunder, (c)&nbsp;applicable law, and (d)&nbsp;payment of the Depositary fees and
expenses applicable to such exchange of Certificated ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all material
respects be identical to Certificated ADS(s) of the same type and class, except that (i)&nbsp;no ADR(s) shall be, or shall need
to be, issued to evidence Uncertificated ADS(s), (ii)&nbsp;Uncertificated ADS(s) shall, subject to the terms of the Deposit Agreement,
be transferable upon the same terms and conditions as uncertificated securities under New York law, (iii)&nbsp;the ownership of
Uncertificated ADS(s) shall be recorded on the books of the Depositary maintained for such purpose and evidence of such ownership
shall be reflected in periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law,
(iv)&nbsp;the Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish
rules and regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain
Uncertificated ADS(s) on behalf of Holders, provided that (a)&nbsp;such rules and regulations do not conflict with the terms of
the Deposit Agreement and applicable law, and (b)&nbsp;the terms of such rules and regulations are readily available to Holders
upon request, (v)&nbsp;the Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be valid
or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the
books of the Depositary maintained for such purpose, (vi)&nbsp;the Depositary may, in connection with any deposit of Shares resulting
in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require
the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and (vii)&nbsp;upon termination of
the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the Depositary
before remitting proceeds from the sale of the Deposited Property represented by such Holders' Uncertificated ADSs under the terms
of Section 6.2 of the Deposit Agreement. When issuing ADSs under the terms of the Deposit Agreement, including, without limitation,
issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated
ADSs rather than Certificated ADSs, unless otherwise specifically instructed by the applicable Holder to issue Certificated ADSs.
All provisions and conditions of the Deposit Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated
ADSs, except as contemplated by this Section 2.13. The Depositary is authorized and directed to take any and all actions and establish
any and all procedures deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit
Agreement or any ADR(s) to the terms &ldquo;American Depositary Share(s)&rdquo; or &ldquo;ADS(s)&rdquo; shall, unless the context
otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except
as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the
Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated
ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13) and (b) the terms of this
Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall govern the rights and obligations
of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted ADSs</U>.</B> The Depositary shall, at the request and expense of the Company, establish procedures enabling
the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership
interests in such Restricted Securities in the form of ADSs issued under the terms hereof (such Shares, &ldquo;<U>Restricted Shares</U>&rdquo;).
Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to
establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing the right to receive,
subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted
Shares (such ADSs, the &ldquo;<U>Restricted ADSs</U>,&rdquo; and the ADRs evidencing such Restricted ADSs, the &ldquo;<U>Restricted
ADRs</U>&rdquo;). Notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to the extent not
prohibited by law, agree to issue the Restricted ADSs in uncertificated form (&ldquo;<U>Uncertificated Restricted ADSs</U>&rdquo;)
upon such terms and conditions as the Company and the Depositary may deem necessary and appropriate. The Company shall assist the
Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory
to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the Securities Act or
any other applicable laws. The depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior
to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and Restricted ADSs or the withdrawal of the Restricted
Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may
require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs (if the Restricted
ADSs are to be issued as Certificated ADSs<B>)</B>, or to be included in the statements issued from time to time to Holders of
Uncertificated ADSs (if issued as Uncertificated Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory
to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted
ADRs evidencing the Restricted ADSs, may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the
deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited
shall, to the extent required by law, be held separate and distinct from the other Deposited Securities held hereunder. The Restricted
Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for
inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be fungible with the
ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing
the Restricted ADSs, shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation
otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary setting forth, <I>inter
alia</I>, the conditions upon which the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing the Restricted
ADSs, are transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend
applicable to the Restricted ADSs presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable
law, the Restricted ADSs and the Restricted ADRs evidencing Restricted ADSs shall be treated as ADSs and ADRs issued and outstanding
under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect
to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.14) and (b)
the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14
and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement
pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Restricted ADRs, the Restricted ADSs
and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory
to the Depositary setting forth, <I>inter alia</I>, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are
not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted
ADRs, the Restricted ADSs and the Restricted Shares, shall (i)&nbsp;eliminate the distinctions and separations that may have been
established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit
under the terms of the Deposit Agreement that are not Restricted Shares, (ii)&nbsp;treat the newly unrestricted ADRs and ADSs on
the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement
that are not Restricted ADRs or Restricted ADSs, and (iii)&nbsp;take all actions necessary to remove any distinctions, limitations
and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively,
on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand,
including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in
the applicable book-entry settlement systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE III<BR>
<BR>
CERTAIN OBLIGATIONS OF HOLDERS<BR>
AND BENEFICIAL OWNERS OF ADSs</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proofs, Certificates and Other Information</U>.</B> Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time (i) to provide, at its cost and expense,
to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or
other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance
with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or governing,
the Deposited Property, (ii) to execute such certifications and to make such representations and warranties, and (iii) to provide,
at its cost and expense, such other information and documentation (or, in the case of Shares in registered form presented for deposit,
such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian
may deem necessary or proper, or as the Company may reasonably require by written request to the Depositary, consistent with their
respective obligations under the Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as applicable,
may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend
or distribution of rights or of the proceeds thereof or, to the extent not limited by the terms of Section 7.8, the delivery of
any Deposited Property until such proof or other information is filed or such certifications are executed, or such representations
and warranties are made, or such other documentation or information provided, in each case to the Depositary&rsquo;s, the Registrar&rsquo;s
and the Company&rsquo;s satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if
necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval or
copies of written representations and warranties which it receives from Holders and Beneficial Owners, and (ii) any other information
or documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or Beneficial
Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate
the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify
or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability for Taxes and Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the
Depositary with respect to any Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary.
The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Property,
and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such distributions
and sale proceeds in payment of, any taxes (including applicable interest and penalties thereon) or charges that are or may be
payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and ADRs, the Holder and the Beneficial Owner
remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs,
to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8) the withdrawal
of Deposited Property until payment in full of such tax or governmental charge (including penalties or interest thereon, if any)
is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their
respective agents, directors, officers, employees and Affiliates for, and to hold each of them harmless from, any claims (including,
without limitation, by any governmental authority or other person or entity) with respect to taxes (including applicable interest
and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders
and Beneficial Owners under this Section 3.2 shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited
Securities, and the termination of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties on Deposit of Shares</U>.</B> Each person depositing Shares under the Deposit Agreement
shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly
issued, fully paid, non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with
respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do,
(iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities
(except as contemplated in Section 2.14), and (vi)&nbsp;the Shares presented for deposit have not been stripped of any rights or
entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation
of ADSs in respect thereof, the transfer of such ADSs as well as the termination of the Deposit Agreement. If any such representations
or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or any ADR(s),
each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law and regulations, the
rules and requirements of the Milan Stock Exchange, and any other stock exchange on which the Shares or ADSs are, or will be, registered,
traded or listed and any book-entry settlement system or the By-laws of the Company, which are made to provide information, <I>inter
alia</I>, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the
identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not
they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to forward, to the extent practicable,
upon the request of the Company and at the Company&rsquo;s expense, any such request from the Company to the Holders and to forward
to the Company any such responses to such requests received by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision in the Deposit Agreement or any ADR, the Company
may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable
law or the By-laws of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs
where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner
to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take
action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding
sentence, including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting
rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by
such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the By-laws of the Company, as determined by the Company, in such manner, including by public or private sale, as the Depositary
deems necessary or practicable and at the expense of such Holder or Beneficial Owner. Nothing herein shall be interpreted as obligating
the Depositary or the Company to ensure compliance with the ownership restrictions described in this Section 3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B> Applicable laws and regulations may require holders and beneficial
owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory
approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying
with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such
determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations
as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates
shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting
requirements or obtain such regulatory approvals under applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that provisions of applicable
Italian securities laws or the By-laws of the Company may require the disclosure of or limit the beneficial or other ownership
of Deposited Securities, other Shares and other securities of the Company and may provide for blocking transfer and voting or other
rights to enforce such disclosure or limit such ownership, the Depositary shall use reasonable efforts to comply with the Company&rsquo;s
reasonable instructions as to ADSs in respect of any such enforcement or limitation, and Holders and Beneficial Owners shall be
subject to and shall comply with such requirements and limitations and shall cooperate with the Depositary&rsquo;s compliance with
such instructions. Holders and Beneficial Owners shall be required to comply with requests by the Company for information as to
the capacity in which such persons own ADSs or Shares, the identity of any other person interested in such ADSs or Shares and the
nature of such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the other provisions of this
Deposit Agreement, the Depositary shall notify the Company as promptly as practicable after the Company makes a request in a written
notice delivered to the Depositary, which request the Company shall make no more than one time between any two consecutive ADS
Record Dates established in connection with a meeting or solicitation of consents or proxies, and which notice shall include the
outstanding amount of voting share capital of the Company as of the date of such notice, whether any Holder or Beneficial Owner
(except DTC and Cede &amp; Co. as nominee for DTC) to the Depositary&rsquo;s actual knowledge, as of the date of its response,
has registered an acquisition of 3% or more of the voting share capital of the Company on the books of the Depositary since the
date of its immediately preceding response pursuant to this sentence; provided, that in determining whether such threshold has
been met, the Depositary may assume that the outstanding amount of voting share capital set forth in the applicable notice of request
is the outstanding amount of voting share capital of the Company as of the date of the Depositary&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has advised the Depositary that,
as of the date of the Deposit Agreement, under the Legislative Decree No. 58/1998 (as amended, the &ldquo;<U>Consolidated Law on
Finance</U>&rdquo;) and the regulations adopted thereunder by the Commissione Nazionale per le Societ&agrave; e la Borsa (&ldquo;<U>Consob</U>&rdquo;)
with the Decision No. 11971/1999 and subsequent amendments (the &ldquo;<U>Consob Regulations</U>&rdquo;), any person who directly
or indirectly &ndash; including through ADRs/ADSs &ndash; holds voting shares in an Italian company whose shares are listed in
a regulated market in excess of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, 66.6%, 90% and 95% of the company&rsquo;s voting capital
must notify to the Company and the Consob of the acquisition of such holding in the company and any subsequent reduction of its
holding below such thresholds. The Consob Regulations set forth, <I>inter alia</I>, detailed methodologies for the calculation
of the holdings, the cases in which the reporting obligations are triggered by transactions in derivatives and other financial
instruments, the time and content of the required notifications and public announcements and the related procedures, and the exemptions
from the reporting obligations. Failure to comply with these reporting obligations may result in the suspension of voting rights
on the portion of shares that has not been disclosed. If a resolution is adopted at a shareholders&rsquo; meeting by the pivotal
vote of shares whose voting rights were so suspended, such resolution can be voided by a competent court pursuant to the Italian
Civil Code. The Consolidated Law on Finance also regulates cross-holdings between companies and imposes that in case of two companies
each holding an interest in the other exceeding 3% of the other company&rsquo;s voting capital, the company that is the last to
exceed such threshold cannot exercise the voting rights on the portion of shares acquired in excess of such threshold and must
sell such shares within 12 months. If such shares are not sold within such term, the voting rights with respect to the entire shareholding
will be suspended. If resolution is adopted at a shareholders&rsquo; meeting by the pivotal vote of shares the voting rights of
which were so suspended, such resolution can be voided by a competent court pursuant to the Italian Civil Code. The limitations
on cross-holdings described above are not applicable if the shares are acquired as part of a takeover bid or exchange offer to
acquire at least 60% of the ordinary shares of the company. Under the Consolidated Law on Finance, any agreement, in any form,
relating to the exercise of voting rights in an Italian company whose shares are listed on a regulated market or in its parent
company is subject to particular disclosure requirements. The same requirements also apply to any agreement, in any form, that
(a) imposes an obligation of prior consultation for the exercise of voting rights; (b) limits the transfer of shares and/or options,
warrants and other similar rights; (c) provide for the acquisition of options, warrants and other similar rights; (d) has the objective
or effect of exercising, jointly or otherwise, a dominant influence on the company; and (e) has the objective or effect of encouraging
or frustrating a takeover bid or an exchange offer for the acquisition of the control of the company, such as by prohibiting a
shareholder to tender its shares in a takeover bid. Any such agreement that does not comply with the disclosure requirements is
void and the voting rights attached to the shares subject to such agreement are suspended. If a shareholder resolution is adopted
by the pivotal vote of shares whose voting rights were so suspended, such resolution can be voided by a competent court pursuant
to the Italian Civil Code. Pursuant to the By-laws of the Company, if any person, in any capacity, directly or indirectly, holds
more than 3% of the Company&rsquo;s share capital, any voting rights and any other non-financial rights attached to the portion
of shares held in excess of 3% of the Company&rsquo;s share capital are suspended. If a resolution is adopted at a shareholders&rsquo;
meeting by the pivotal vote of shares whose voting rights were so suspended, such resolution can be voided by a competent court
pursuant to the Italian Civil Code. Pursuant to the By-laws of the Company, these limitations do not apply to shares owned by the
Italian Ministry of the Economy and Finance and other governmental entities or private entities under their control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE IV<BR>
<BR>
THE DEPOSITED SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Distributions</U>.</B> Whenever the Company intends to make a distribution of a cash dividend or other cash distribution
in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days prior
to the proposed distribution specifying, <I>inter alia</I>, the record date applicable for determining the holders of Deposited
Securities entitled to receive such distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS
Record Date upon the terms described in Section 4.9. Upon receipt of confirmation of the receipt of (x)&nbsp;any cash dividend
or other cash distribution on any Deposited Securities, or (y)&nbsp;proceeds from the sale of any Deposited Property held in respect
of the ADSs under the terms hereof, the Depositary will (i)&nbsp;if at the time of receipt thereof any amounts received in a Foreign
Currency can, in the judgment of the Depositary (pursuant to Section 4.8), be converted on a practicable basis into Dollars transferable
to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the
terms described in Section 4.8), (ii)&nbsp;if applicable and unless previously established, establish the ADS Record Date upon
the terms described in Section 4.9, and (iii)&nbsp;distribute promptly the amount thus received (net of (a) the applicable fees
and charges of, and expenses incurred by, the Depositary and (b) taxes, duties, or other governmental charges withheld) to the
Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary
shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and
any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and
become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next
distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend
or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property,
an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian
or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the
Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest
bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected
or the funds that the Depositary holds must be escheated as unclaimed property in accordance with Section 2.11 and the laws of
the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event
the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.1, the Depositary
agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.1, and the Company, the Holders
and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform
the actions contemplated in this Section 4.1 where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution in Shares</U>.</B> Whenever the Company intends to make a distribution that consists of a dividend in, or
free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed
distribution, specifying, <I>inter alia</I>, the record date applicable to holders of Deposited Securities entitled to receive
such distribution and whether or not it wishes such share distribution to be made available to Holders of ADSs. Upon the timely
receipt of such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section
4.9. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, and if the Company
shall have indicated that it wishes such share distribution to be made available to Holders of ADSs, the Depositary shall either
(i) subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of
the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free
distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges
of, and expenses incurred by, the Depositary and (b) taxes, duties and governmental charges), or (ii) if additional ADSs are not
so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent
permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon
the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes duties and governmental charges). In lieu of delivering fractional ADSs, the Depositary shall promptly sell the number
of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the
terms described in Section 4.1; provided that no distribution to Holders under this Section 4.2 shall be unreasonably delayed by
the actions of the Depositary. In the event that the Depositary determines that any distribution in property (including Shares)
is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company has determined
that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration
statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights
to subscribe therefor) in such amounts and in such manner permitted by applicable law, including by public or private sale, as
the Depositary in consultation with the Company deems necessary and practicable, and the Depositary shall distribute the net proceeds
of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms described in Section 4.1. If the Company has indicated in its notice to the Depositary of the share
distribution that it does not wish such distribution to be made available to Holders of ADSs, the Depositary shall dispose of all
the Shares it receives in respect of such distribution in such manner permitted by applicable law, including by public or private
sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto
upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of such property in accordance
with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the
event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.2, the
Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.2, and the Company,
the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure
to perform the actions contemplated in this Section 4.2 where such notice has not been so timely given, other than its failure
to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Elective Distributions in Cash or Shares</U>.</B> Whenever the Company intends to make a distribution, including a dividend,
payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof
to the Depositary at least sixty (60) days prior to the proposed distribution specifying, <I>inter alia</I>, the record date applicable
to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective distribution
to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution
to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist
the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available
to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall
have timely requested that the elective distribution be made available to Holders, (ii)&nbsp;the Depositary in consultation with
the Company shall have determined that such distribution is lawful and reasonably practicable and (iii) the Depositary shall have
received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied or if the Company
requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS Record
Date on the terms described in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the basis of the
same determination as is made in the Italian Republic in respect of the Shares for which no election is made, either (X) cash upon
the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section
4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section
4.9 and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash or in additional ADSs.
The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects to receive
the proposed distribution (X) in cash, the distribution shall be made upon the terms described in Section 4.1, or (Y)&nbsp;in ADSs,
the distribution shall be made upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available
to Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as
the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
to give the Depositary timely notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use
commercially reasonable efforts to perform the actions contemplated in this Section 4.3, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated
in this Section 4.3 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts,
as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Rights to Purchase Additional ADSs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution to ADS Holders</U>. </B>Whenever the Company intends to distribute to the holders of the Deposited Securities
rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior
to the proposed distribution specifying, <I>inter alia</I>, the record date applicable to holders of Deposited Securities entitled
to receive such distribution and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely
receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall
consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and
reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders
only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have
received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary, in consultation with the Company,
shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions
set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary
shall proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event all conditions set forth above
are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9) and establish procedures
to (x)&nbsp;distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp; enable the Holders to
exercise such rights (upon payment of the subscription price and of the applicable taxes, duties and other governmental charges),
and (z) deliver ADSs upon the valid exercise of such rights (upon payment of the applicable fees and charges of, and expenses incurred
by, the Depositary, and payment of the applicable taxes, duties and other governmental charges). The Company shall assist the Depositary
to the extent necessary in establishing such procedures. Nothing herein shall obligate the Depositary to make available to the
Holders a method to exercise rights to subscribe for Shares (rather than ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Rights</U>. </B>If (i) the Company does not timely request the Depositary to make the rights available to Holders
or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within
the terms of Section 5.7, or determines, following consultation with the Company, that it is not reasonably practicable to make
the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary
shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such
place and upon such terms (including public or private sale) as it may deem practicable in consultation with the Company. The Company
shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such
sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary
and (b) taxes, duties and governmental charges) upon the terms set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lapse of Rights</U>. </B>If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow
such rights to lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for (i)
any failure to accurately determine whether it may be lawful or practicable to make such rights available to Holders in general
or any Holders in particular; provided, that if the Company has provided documentation in accordance with Section 5.7 indicating
that such rights may lawfully be made available to Holders, the Depositary shall not unreasonably withhold such determination with
respect to lawfulness, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii)
the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary
in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to
which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell
the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i)&nbsp;unless and until
a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case satisfactory to the Depositary acting reasonably, to
the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that any of the Company, the
Depositary or the Custodian is required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes, duties or other governmental charges, the amount distributed to the Holders of ADSs representing
such Deposited Property shall be reduced accordingly. In the event that the Depositary determines that any distribution of Deposited
Property (including Shares and rights to subscribe therefor) is subject to any tax, duty or other governmental charges which the
Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property (including Shares
and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems
necessary and practicable to pay any such taxes, duties or governmental charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions Other Than Cash, Shares or Rights to Purchase Shares</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or
rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to
the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon timely
receipt of a notice indicating that the Company wishes such distribution to be made to Holders of ADSs, the Depositary shall consult
with the Company to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not
make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii)&nbsp;the
Depositary shall have received satisfactory documentation within the terms of Section 5.7, if the property to be distributed includes
securities or rights to receive or purchase securities, and (iii) the Depositary shall have determined that such distribution is
lawful and reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs
and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received
to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such
manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable
fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes, duties and governmental charges withheld.
The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such lawful
manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable
interest and penalties) or other governmental charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not
to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section
5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary
shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may
deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds
of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary
and (b) taxes duties and governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary
is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems
reasonably practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Neither the Depositary nor the Company shall be liable for (i) any failure to accurately determine whether it is lawful
or practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular,
nor (ii) any foreign exchange exposure or other loss incurred in connection with the sale or disposal of such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions with Respect to Deposited Securities in Bearer Form</U>.</B> Subject to the terms of this Article IV, distributions
in respect of Deposited Securities that are held by the Depositary or the Custodian in bearer form shall be made to the Depositary
for the account of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by
the Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify
the Depositary of such distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates,
as the case may be, in connection with any such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities,
the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the intended date of redemption which
notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii)&nbsp;satisfactory
documentation given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary shall have determined,
acting reasonably in consultation with the Company, that such proposed redemption is practicable, the Depositary shall provide
to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set
forth in the Company&rsquo;s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the
Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price.
Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption
price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges
of, and the expenses incurred by, the Depositary, and (b) taxes, duties and governmental charges), retire ADSs and cancel ADRs,
if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all
outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be
determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the
Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs
(subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes
, duties and governmental charges) multiplied by the number of Deposited Securities represented by each ADS redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption
provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in this Section 4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability
for the Depositary&rsquo;s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Foreign Currency</U>.</B> Whenever the Depositary or the Custodian shall receive Foreign Currency, by way
of dividends or other distributions or the net proceeds from the sale of Deposited Property or any other properties received by
way of distribution, which in the judgment of the Depositary can at such time be converted on a practicable basis, by sale or in
any other manner that it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable
to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it
may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any applicable fees, any reasonable
and customary expenses incurred in such conversion and any expenses incurred on behalf of the Holders in complying with currency
exchange control or other governmental requirements) in accordance with the terms of the applicable sections of the Deposit Agreement.
If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary
shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either
case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without
regard to any distinctions among Holders on account of any application of exchange restrictions or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If such conversion or distribution generally
or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the
Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event,
however, shall the Depositary be obligated to make such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a
reasonable cost or within a reasonable period, the Depositary may, in its discretion, (i) make such conversion and distribution
in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii)&nbsp;distribute the
Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is
lawful and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon)
for the respective accounts of the Holders entitled to receive the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the &ldquo;<U>ADS
Record Date</U>&rdquo;) for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give
instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable
record date for the Deposited Securities (if any) set by the Company in the Italian Republic and shall not announce the establishment
of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action
affects the Deposited Securities). Subject to applicable law and the provisions of Section 4.1 through 4.8 and to the other terms
and conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise
take action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Securities</U>.</B> As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the
Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section
4.9. The Depositary shall, if requested by the Company in writing (the Depositary having no obligation to take any further action
if the request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting),
at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date:
(a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the
ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the By-laws of the Company
and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by
the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by such Holder&rsquo;s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given
to the Depositary or in which voting instructions would be deemed to have been given in accordance with this Section 4.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, the By-laws of the Company
or by the requirements of the stock exchange on which the ADSs are be listed, an unless the Company requests otherwise in writing,
in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents
or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes
to Holders, instructions on how to retrieve such materials or receive such materials upon request (<I>e.g.</I>, by reference to
a website containing the materials for retrieval or a contact for requesting copies of the materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voting instructions may be given only in
respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs
as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar
as practicable and permitted under applicable law, the provisions of the Deposit Agreement, By-laws of the Company and the provisions
of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented
by such Holder&rsquo;s ADSs in accordance with such voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposited Securities represented by ADSs
for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise
contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting
and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, the
Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from
Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to
specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary
will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote
in favor of the items set forth in such voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting
instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose
of establishing quorum at a meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to any Holder, any Beneficial Owner or the Company
to take any action with respect to (i) any meeting, or solicitation of consents or proxies, of holders of Deposited Securities,
or (ii) any vote of the ADSs or the Deposited Securities represented thereby, if the taking of such action by the Depositary would
violate or be limited, or if the effect of such action would be limited, by U.S., Italian or other applicable law, or the provisions
of the By-laws of the Company, or if the Depositary, upon advice of its counsel, reasonably believes that its taking of such action
would be such a violation or so limited. The Depositary shall have no liability to the Company or any Holder or Beneficial Owner
for any claim or loss arising out of the Depositary being prohibited or in any way limited by U.S., Italian or other applicable
law, or the provisions of the By-laws of the Company, from taking any action described in the immediately preceding sentence, or
any such prohibition or limitation invalidating or otherwise affecting any such action, or the effect thereof, and the Company
shall hold the Depositary harmless and indemnify the Depositary against any claim or charge that the Depositary violated any Italian
law or the provisions of the By-laws of the Company as a result of taking any such action in accordance with the terms of the Deposit
Agreement. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise
the voting rights accruing to the Deposited Securities, subject to any limitations under the By-laws of the Company, Italian law
and other applicable law, and to provide advance written notice to all Holders and Beneficial Owners, and the Depositary, of any
applicable prohibitions or limitations on the voting rights accruing to the Deposited Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Changes Affecting Deposited Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions
of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or
replacement Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification
of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the
Company&rsquo;s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including,
without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes, duties and
governmental charges) and receipt of an opinion of counsel to the Company reasonably satisfactory to the Depositary that such actions
are not in violation of any applicable laws or regulations, (i)&nbsp;issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable ADRs, (iii)&nbsp;amend the applicable Registration
Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding ADRs
to be exchanged for new ADRs, and (v)&nbsp;take such other actions as are appropriate to reflect the transaction with respect to
the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission
to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received
may not be lawfully distributed to some or all Holders, the Depositary may, with the Company&rsquo;s approval, and shall, if the
Company requests, subject to receipt, to the extent requested by the Depositary, of an opinion of Company&rsquo;s counsel reasonably
satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited
Property at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net
proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes, duties and governmental
charges) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis
without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as
in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure
to accurately determine that it may be lawful or practicable to make such Deposited Property available to Holders in general or
to any Holder in particular, (ii) any foreign exchange exposure or other loss incurred in connection with such sale, or (iii) any
liability to the purchaser of such Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Available Information.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is subject to the periodic reporting requirements
of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports can be
retrieved from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained
by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Reports</U>.</B> The Depositary shall make available for inspection by Holders at its Principal Office any reports and
communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary,
the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the
holders of such Deposited Property by the Company. The Depositary shall also provide or make available to Holders copies of such
reports when furnished by the Company pursuant to Section 5.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>List of Holders</U>.</B> Promptly upon written request by the Company, the Depositary shall furnish to it a list, as
of a recent date, of the names, addresses and holdings of ADSs of all Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Taxation</U></B>. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such
information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax
reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports
as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property
under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and
to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced
withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and
other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs
may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership
(as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information
or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary&rsquo;s or the Custodian&rsquo;s
obligations under applicable law. The Depositary and the Company shall have no obligation or liability to any person if any Holder
or Beneficial Owner fails to provide such information or if such information does not reach the relevant tax authorities in time
for any Holder or Beneficial Owner to obtain the benefits of any tax treatment. The Holders and Beneficial Owners shall indemnify
the Depositary, the Company, the Custodian and any of their respective directors, officers, employees, agents and Affiliates against,
and hold each of them harmless from, any claims by any governmental authority or any other entity or person with respect to taxes,
additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company (or any of its agents) withholds
from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution
(<I>e.g.</I>, stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt
(or other proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory
to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the
Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the
Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any
taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the
Depositary or the Custodian, as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder
or Beneficial Owner to obtain the benefits of credits on the basis of any tax paid against such Holder&rsquo;s or Beneficial Owner&rsquo;s
tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary is under no obligation to
provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur
any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the
ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a
&ldquo;Passive Foreign Investment Company&rdquo; (in each case as defined in the U.S. Internal Revenue Code and the regulations
issued thereunder) or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office and Transfer Books by the Registrar</U>.</B> Until termination of the Deposit Agreement in accordance
with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the
issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the
registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs
evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section
7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs are listed on one or more stock
exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable,
to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such
exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company, nor their respective controlling persons, employees, officers, directors, agents and Affiliates shall be obligated
to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or the ADRs, nor shall either incur
any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in, doing or performing any
act or thing required by the terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation
of the United States, the Italian Republic or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present
or future, of the By-laws of the Company or any provision of or governing any Deposited Securities, or by reason of any act of
God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions,
work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason
of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the By-laws of the Company
or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative
thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability
by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders
of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any
special, consequential, indirect or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary, its controlling persons,
its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party
or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Standard of Care</U>.</B> The Company and the Depositary assume no obligation and shall not be subject to any liability
under the Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree
to perform their respective obligations specifically set forth in the Deposit Agreement or the applicable ADRs without negligence
or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, employees, officers, directors, agents and Affiliates,
shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required
(and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary and its agents shall not
be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any
vote is cast or the effect of any vote, provided that any such action or omission is in good faith, without negligence and in accordance
with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that
any distribution or action may be lawful (provided, that if the Company has provided documentation in accordance with Section 5.7
indicating that such distribution or action is lawful, the Depositary shall not unreasonably withhold such determination) or reasonably
practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy
of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity
or worth of the Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited
Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement,
for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or any information provided
or not provided by, DTC or any DTC Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provision of this
Deposit Agreement or any other undertaking of the Depositary, references in this Deposit Agreement to the Depositary&rsquo;s &ldquo;knowledge&rdquo;
or &ldquo;actual knowledge&rdquo; shall mean the Depositary&rsquo;s actual knowledge obtained in the performance of its activities
as the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the
earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment
as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 60th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii)&nbsp;upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be
required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall
become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections&nbsp;5.8
and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall, (i) execute
and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in Sections 5.8 and 5.9), (ii)&nbsp;duly assign, transfer and deliver all of the Depositary&rsquo;s right, title and interest to
the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and
such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary
shall promptly provide notice of its appointment to such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any entity into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Custodian</U>.</B> The Depositary has initially appointed Citibank N.A. Milan Branch as Custodian for the purpose
of the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects
to the direction of the Depositary for the Deposited Property for which the Custodian acts as custodian and shall be responsible
solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Property and no
other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary
shall require such resigning or discharged Custodian to Deliver, or cause the Delivery of, the Deposited Property held by it, together
with all such records maintained by it as Custodian with respect to such Deposited Property as the Depositary may request, to the
Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so,
it may appoint an additional custodian with respect to any Deposited Property, or discharge the Custodian with respect to any Deposited
Property and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Property.
Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian
and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Citibank, N.A. may at any time act as Custodian
of the Deposited Property pursuant to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank, N.A.
solely in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement
or any ADR, the Depositary shall not be obligated to give notice to the Company, any Holders of ADSs or any other Custodian of
its acting as Custodian pursuant to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Property without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary
so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments
as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices and Reports</U>.</B> On or before the first date on which the Company gives notice, by publication or otherwise,
of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking
of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions
or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian
a copy of the notice thereof in the English language but otherwise in the form given or to be given to holders of Shares or other
Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable
provisions or proposed provisions of the By-laws of the Company that may be relevant or pertain to such notice of meeting or be
the subject of a vote thereat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will also transmit to the Depositary
English-language versions of the other notices, reports and communications which are made generally available by the Company to
holders of its Shares or other Deposited Securities. The Depositary shall arrange, at the request of the Company and at the Company&rsquo;s
expense, to provide copies thereof to all Holders or make such notices, reports and other communications available to all Holders
on a basis similar to that for holders of Shares or other Deposited Securities or on such other basis as the Company may advise
the Depositary or as may be required by any applicable law, regulation or stock exchange requirement. The Company has delivered
to the Depositary and the Custodian a copy of the By-laws of the Company along with the provisions of or governing the Shares and
any other Deposited Securities issued by the Company in connection with such Shares, and promptly upon any amendment thereto or
change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein.
The Depositary may rely upon such copy for all purposes of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary will, at the expense of the
Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary
for inspection by the Holders of the ADSs at the Depositary&rsquo;s Principal Office, at the office of the Custodian and at any
other designated transfer office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of Additional Shares, ADSs etc</U>.</B> The Company agrees that in the event it or any of its Affiliates proposes
(i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited
Securities, (iii) an issuance or assumption of securities convertible into or exchangeable for Shares, (iv) an issuance of rights
to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption
of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to
any reclassification of securities, merger or consolidation or transfer of assets that the Depositary determines, upon advice of
its counsel, could involve an offer or sale of securities within the meaning of Section 2(a)(3) of the Securities Act and rules
adopted thereunder, (viii) any assumption, reclassification, recapitalization, reorganization, merger, consolidation or sale of
assets (only, in the case of a sale of assets, to the extent the consideration therefor is or will be in the form of securities)
which affects the Deposited Securities, or (ix) a distribution of securities other than Shares, it will obtain U.S. legal advice
and take all steps necessary to ensure that any potential application of the proposed transaction to Holders and Beneficial Owners
does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation,
the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). In support
of the foregoing, the Company will furnish to the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to
the Depositary) stating whether such transaction (1)&nbsp;requires a registration statement under the Securities Act to be in effect
or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of Italian counsel stating that (1)
making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Italian Republic
and (2) all requisite regulatory consents and approvals have been obtained in the Italian Republic. If the filing of a registration
statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received
evidence reasonably satisfactory to it that such registration statement has been declared effective. If, being advised by counsel,
the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register
such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the
Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in the Deposit Agreement,
to prevent such transaction from violating the registration requirements of the Securities Act. The Company agrees with the Depositary
that neither the Company nor any of its controlled Affiliates will at any time deposit any Shares or other Deposited Securities,
either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company
or by any such Affiliate, except under circumstances complying in all respects with the Securities Act and the rules and regulations
promulgated thereunder. Neither the Company nor any company controlling, controlled by or under common control with the Company
shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for Shares or rights
to subscribe for any such securities, except under circumstances complying in all respects with the Securities Act and the rules
and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</B> The Depositary agrees to indemnify the Company and its controlling persons, directors, officers,
employees, agents and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense
of any kind whatsoever other than an income tax in respect of amounts earned in connection with the transactions contemplated by
this Deposit Agreement (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of acts
performed or omitted by the Depositary or its duly authorized agents under the terms hereof due to the negligence or bad faith
of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to indemnify the Depositary,
the Custodian and any of their respective controlling persons, directors, officers, employees, agents and Affiliates against, and
hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not
limited to, the reasonable fees and expenses of counsel) that may arise (a) out of, or in connection with, any offer, issuance,
sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b)
out of, or as a result of, any offering documents in respect thereof or (c) out of acts performed or omitted, including, but not
limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company, in connection with the
Deposit Agreement, any ancillary or supplemental agreement entered into between the Company and the Depositary, the ADRs, the ADSs,
the Shares, or any Deposited Property, in any such case (i) by the Depositary, the Custodian or any of their respective directors,
officers, employees, agents and Affiliates, except to the extent such loss, liability, tax, charge or expense is due to the negligence
or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations set forth in this Section
shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any person seeking indemnification hereunder
(an &ldquo;indemnified person&rdquo;) shall notify the person from whom it is seeking indemnification (the &ldquo;indemnifying
person&rdquo;) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of
such commencement (provided that the failure to make such notification shall not affect such indemnified person&rsquo;s rights
to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be
unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADS Fees and Charges</U>.</B> The Company, the Holders, the Beneficial Owners, and persons receiving ADSs issued against
the deposit of Shares or whose ADSs are being cancelled shall be required to pay the ADS fees and charges identified as payable
by them respectively in the ADS fee schedule attached hereto as Exhibit B. All ADS fees and charges so payable may be deducted
from distributions or must be remitted to the Depositary, or its designee, and may, at any time and from time to time, be changed
by agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable by Holders and Beneficial
Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest ADS
fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges payable upon (i) the
issuance of ADSs and (ii)&nbsp;the cancellation of ADSs will be payable by the person to whom the ADSs are so issued by the Depositary
(in the case of ADS issuances) and by the person whose ADSs are being cancelled (in the case of ADS cancellations). In the case
of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges
will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s)
of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at
the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable
ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and
charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service
fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS
fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees
and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and
may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS
fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Release Transactions</U>.</B> Subject to the further terms and provisions of this Section 5.10, the Depositary, its
Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates
and in ADSs. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary
may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 and (ii) deliver Shares prior to the receipt of ADSs
for withdrawal of Deposited Securities pursuant to Section 2.7, including ADSs which were issued under (i) above but for which
Shares may not have been received (each such transaction a &ldquo;<U>Pre-Release Transaction</U>&rdquo;). The Depositary may receive
ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will
be (a) subject to a written agreement whereby the person or entity (the &ldquo;<U>Applicant</U>&rdquo;) to whom ADSs or Shares
are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares
or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as
owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs
are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian,
as applicable, such Shares or ADSs, and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate,
(b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject to such further indemnities
and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved
in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs
outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from
time to time as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Depositary may also set limits with respect to the number
of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The
Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided
pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Securities Owners</U>.</B> The Company agrees to advise in writing each of the persons or entities who, to
the knowledge of the Company, holds Restricted Securities, other than Restricted Securities that are so classified solely by virtue
of a shareholders agreement, that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances
contemplated in Section 2.14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VI<BR>
<BR>
AMENDMENT AND TERMINATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding
at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof
may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in
any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any
amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange
control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially
prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding
ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders
of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice
invalid, <U>provided</U>, <U>however</U>, that, in each such case, the notice given to the Holders identifies a means for Holders
and Beneficial Owners to retrieve or receive the text of such amendment (e<I>.g.</I>, upon retrieval from the Commission&rsquo;s,
the Depositary&rsquo;s or the Company&rsquo;s website or upon request from the Depositary). The parties hereto agree that any amendments
or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be
registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do
not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice
any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement
so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and
to be bound by the Deposit Agreement and the ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment
or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body
should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in
accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in
such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance with such laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</B> The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign in accordance with the terms set forth in Section 5.4. above,
or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and, in either case,
a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement,
the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding
at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the
Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the &ldquo;<U>Termination
Date</U>&rdquo;. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit
Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs shall remain outstanding after
the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any
further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange
for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required
under applicable law in connection with its role as Depositary under the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after the Termination Date,
the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested
the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account
and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and
expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VII<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>.</B> The Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed
an original and all of such counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement
shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third-Party Beneficiaries</U>.</B> The Deposit Agreement is for the exclusive benefit of the parties hereto (and their
successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except
to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to
a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties. The parties
hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships with the
Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates may be engaged at
any time in transactions in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates
may have interests, (iii) the Depositary and its Affiliates may from time to time have in their possession non-public information
about the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement
shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for
any profit made or payment received in such transactions or relationships, and (v) the Depositary shall not be deemed to have knowledge
of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial
Owners, or any of their respective Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>.</B> In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holders and Beneficial Owners as Parties; Binding Effect</U>.</B> The Holders and Beneficial Owners from time to time
of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof
and of any ADR evidencing their ADSs by acceptance thereof or any beneficial interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.</B> Any and all notices to be given to the Company shall be deemed to have been duly given if personally
delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent
by mail or air courier, addressed to Eni S.p.A., Piazzale Enrico Mattei, 1, 00144 Rome, Italy, <U>Attention</U>: Secretary's Office,
or to any other address which the Company may specify in writing to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to the Depositary
shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New
York, New York 10013, U.S.A., <U>Attention</U>: Depositary Receipts Department, or to any other address which the Depositary may
specify in writing to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to any Holder
shall be deemed to have been duly given (a)&nbsp;if personally delivered or sent by mail or cable, telex or facsimile transmission,
confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if
such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address,
at the address specified in such request, or (b)&nbsp;if a Holder shall have designated such means of notification as an acceptable
means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the
e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for
all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. Any notices given
to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) constitute notice to the DTC
Participants who hold the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice sent by mail, air courier
or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a
Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any
Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not
be subsequently confirmed by letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice by means of electronic
messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender&rsquo;s
records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or
fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute
e-mail address or for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law and Jurisdiction</U>.</B> The Deposit Agreement and the ADRs shall be interpreted in accordance with, and
all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without
reference to the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement, any ADR or any
present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities
and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall
be governed by the laws of the Italian Republic (or, if applicable, such other laws as may govern the Deposited Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in the following paragraph
of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction
to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection
with the Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers C T Corporation System (the &ldquo;<U>Agent</U>&rdquo;), now at 111
Eighth Avenue, New York, NY, 10011, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties,
assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit,
action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the
next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees
to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary.
The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents
in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the
appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service),
with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5.
The Company agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way
the validity of such service or any judgment rendered in any action or proceeding based thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the Depositary
and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against
(a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and
the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have any
claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding,
then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States
in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth
in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described
in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions,
suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit
or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement
against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection
with, the Deposit Agreement, any ADR or the Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of
the Deposit Agreement, in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment</U>.</B> Subject to the provisions of Section 5.4, the Deposit Agreement may not be assigned by either the
Company or the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with U.S. Securities Laws</U>.</B> Notwithstanding anything in the Deposit Agreement to the contrary, the
withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted
by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Italian Law References</U>.</B> Any summary of Italian laws and regulations and of the terms of the By-laws of the Company
set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and
the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they
do not amount to any representation by the Company that the description therein is accurate and complete as of any time, (ii) they
are summaries given for the convenience of the parties hereto (iii)&nbsp;they are summaries and as such may not include all aspects
of the materials summarized applicable to a Holder or Beneficial Owner, and (iv) these laws and regulations and the By-laws of
the Company may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under
the terms of the Deposit Agreement to update any such summaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Titles and References</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>.</B> All references in the Deposit Agreement to exhibits, articles, sections, subsections, and
other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless
expressly provided otherwise. The words &ldquo;the Deposit Agreement&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time
between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless
expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words
in the singular form shall be construed to include the plural and <I>vice versa</I> unless the context otherwise requires. Titles
to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained
in the Deposit Agreement. References to &ldquo;applicable laws and regulations&rdquo; shall refer to laws and regulations applicable
to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination, unless otherwise required by law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADRs</U>.</B> All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions
refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly
provided otherwise. The words &ldquo;the Receipt&rdquo;, &ldquo;the ADR&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant
time, and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any
ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and
<I>vice versa</I> unless the context otherwise requires. Titles to paragraphs of any ADR are included for convenience only and
shall be disregarded in construing the language contained in the ADR. References to &ldquo;applicable laws and regulations&rdquo;
shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination,
unless otherwise required by law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Restatement</U></B>. The Depositary shall arrange to have new ADRs printed that reflect the form of ADR
attached to the Deposit Agreement. All ADRs issued hereunder after the date hereof, whether upon the deposit of Shares or other
Deposited Securities or upon the transfer, combination or split-up of existing ADRs, shall be substantially in the form of the
specimen ADR attached as <U>Exhibit A</U> hereto. However, American depositary receipts issued prior to the date hereof under the
terms of the Original Deposit Agreement and outstanding as of the date hereof, which do not reflect the form of ADR attached hereto
as <U>Exhibit A</U>, do not need to be called in for exchange and may remain outstanding until such time as the Holders thereof
choose to surrender them for any reason under the Deposit Agreement. The Depositary is authorized and directed to take any and
all actions deemed necessary to effect the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby instructs the Depositary
to (i) promptly send notice of the execution of the Deposit Agreement to all holders of American depositary shares outstanding
under the Original Deposit Agreement as of the date hereof and (ii) inform holders of American depositary shares issued as &ldquo;certificated
American depositary shares&rdquo; and outstanding under the Original Deposit Agreement as of the date hereof that they have the
opportunity, but are not required, to exchange their American depositary receipts for one or more ADR(s) issued pursuant to the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Holders&rdquo; and &ldquo;Beneficial
Owners&rdquo; (each, as defined in the Original Deposit Agreement) of American depositary shares issued pursuant to the Original
Deposit Agreement and outstanding as of the date hereof, shall, from and after the date hereof, be deemed Holders and Beneficial
Owners, respectively, of ADSs issued pursuant and be subject to all of the terms and conditions of the Deposit Agreement in all
respects, provided, however, that any term of the Deposit Agreement that prejudices any substantial existing right of holders or
beneficial owners of American depositary shares issued under the Original Deposit Agreement shall not become effective as to Holders
and Beneficial Owners until thirty (30) days after notice of the amendments effectuated by the Deposit Agreement shall have been
given to holders of ADSs outstanding as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, ENI S.p.A. and CITIBANK,
N.A. have duly executed the Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners
shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of
any beneficial interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">ENI S.p.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">By:_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">CITIBANK, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">By:_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Title:</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">Number</TD>
    <TD STYLE="width: 40%; text-align: right">CUSIP NUMBER: _______</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>_____________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>American Depositary Shares (each American Depositary
Share representing the right to receive two (2) fully paid ordinary shares)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">representing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEPOSITED ORDINARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ENI S.p.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Organized under the laws of the Italian
Republic)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CITIBANK, N.A., a national
banking association organized and existing under the laws of the United States of America, as depositary
(the &ldquo;Depositary&rdquo;), hereby certifies that _____________is the owner of ______________ American Depositary
Shares (hereinafter &ldquo;ADS&rdquo;) representing deposited ordinary shares, including evidence of rights to receive such
ordinary shares (the &ldquo;Shares&rdquo;), of Eni S.p.A., a company organized and existing under the laws of the Italian
Republic (the &ldquo;Company&rdquo;). As of the date of issuance of this ADR, each ADS represents the right to receive two
(2) Shares deposited under the Deposit Agreement (as hereinafter defined) with the Custodian, which at the date of issuance
of this ADR is Citibank N.A. Milan Branch (the &ldquo;Custodian&rdquo;). The ADS(s)-to-Share(s) ratio is subject to amendment
as provided in Articles IV and VI of the Deposit Agreement. The Depositary&rsquo;s Principal Office is located at 388
Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 57; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Deposit Agreement</U>.</B> This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;ADRs&rdquo;),
all issued and to be issued upon the terms and conditions set forth in the Second Amended and Restated Deposit Agreement, dated
as of <B>[date]</B>, 2017 (as amended and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among the
Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder. The Deposit Agreement
sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other Deposited Property (as defined in the Deposit Agreement) from time to
time received and held on deposit in respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of
the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein)
issued in accordance with the terms and conditions of the Deposit Agreement, or by continuing to hold, from and after the date
hereof any American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes
to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary
its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit
Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action
as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and
the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements made on the face and reverse
of this ADR are summaries of certain provisions of the Deposit Agreement and the By-laws of the Company (as in effect on the date
of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and
the By-laws, to which reference is hereby made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms not defined herein
shall have the meanings ascribed thereto in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary makes no representation or
warranty as to the validity or worth of the Deposited Property. The Depositary has made arrangements for the acceptance of the
ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise
and be entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the
terms and conditions of Section 2.13 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>.</B> The Holder of this ADR (and of the ADSs evidenced hereby)
shall be entitled to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented
by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly-authorized attorney
of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable,
this ADR evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable
and so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or
is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities
industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary
a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U> to, the Deposit Agreement)
have been paid, <I>subject, however, in each case</I>, to the terms and conditions of this ADR evidencing the surrendered ADSs,
of the Deposit Agreement, of the By-laws of the Company and of any applicable laws and the rules of the Share Registrar, and to
any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, this ADR(s) evidencing the ADSs
so Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained
for such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each case, as promptly as
practicable, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title
for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the
written order of the person(s) designated in the order delivered to the Depositary for such purpose, <I>subject however, in each
case</I>, to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so canceled, of the By-laws of the
Company, of any applicable laws and of the rules of the Share Registrar, and to the terms and conditions of or governing the Deposited
Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fraction of a Share, or (ii) sell or cause to be sold Shares partially represented by the surrendered
ADSs representing any remaining fraction of a Share and remit the portion of the proceeds of such sale attributable to such ADSs
(net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person
surrendering the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any non-cash distributions,
which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account
of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other
than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office
of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex
or facsimile transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Combination and Split-up of ADRs</U>.</B> The Registrar shall register the transfer of this ADR (and of the
ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x)&nbsp;cancel this ADR and execute
new ADRs evidencing the same aggregate number of ADSs as those evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause
the Registrar to countersign such new ADRs, and (z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto,
if each of the following conditions has been satisfied: (i)&nbsp;this ADR has been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii)&nbsp;this
surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees
in accordance with standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the
laws of the State of New York or of the United States), and (iv)&nbsp;all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U>
to, the Deposit Agreement) have been paid, <I>subject, however, in each case,</I> to the terms and conditions of this ADR, of the
Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall register the split-up
or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall
(x)&nbsp;cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of
ADSs evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs, and (z)&nbsp;Deliver
such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;this
ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office
for the purpose of effecting a split-up or combination hereof, and (ii)&nbsp;all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U>
to, the Deposit Agreement) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of this ADR, of the
Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Conditions to Registration, Transfer, Etc</U>.</B> As a condition precedent to the execution and delivery, the registration
of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal
of any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of
ADSs or of this ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees and charges of the Depositary as provided in Section 5.9 and <U>Exhibit B</U> to the Deposit Agreement and
in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter
contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating
to the execution and delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations
as the Depositary and the Company may establish consistent with the provisions of this ADR, the Deposit Agreement and applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally
may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar
are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time
or from time to time because of any requirement of law or regulation, the By-laws of the Company, any government or governmental
body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement
or this ADR, if applicable, or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders
of the Company or for any other reason, subject, in all cases to paragraph (25) of this ADR and Section 7.8 of the Deposit Agreement.
Notwithstanding any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding
ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i)&nbsp;temporary delays caused by
closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders&rsquo;
meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign
laws or governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances
specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended
from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance With Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or this ADR,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable
law and regulations, the rules and requirements of the Milan Stock Exchange and any other stock exchange on which the Shares or
ADSs are, or will be, registered, traded or listed and any book-entry settlement system, or the By-laws of the Company, which are
made to provide information, <I>inter alia</I>, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and the
Shares represented by such ADSs, as the case may be) and regarding the identity of any other person(s) interested in such ADSs
(and the Shares represented by such ADSs, as the case may be) and the nature of such interest and various other matters, whether
or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to forward, to the extent practicable
upon the request of the Company and at the Company&rsquo;s expense, any such request from the Company to the Holders, and to forward
to the Company any such responses to such requests received by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company
may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable
law or the By-laws of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs
where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner
to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take
action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding
sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting
rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held
by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the By-laws of the Company, as determined by the Company, in such manner, including by public or private sale, as the Depositary
deems necessary or practicable and at the expense of such Holder or Beneficial Owner. Nothing herein or in the Deposit Agreement
shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described
herein or in Section 3.5 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B> Applicable laws and regulations may require holders and beneficial
owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory
approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying
with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such
determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations
as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates
shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting
requirements or obtain such regulatory approvals under applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that provisions of applicable
Italian securities laws or the By-laws of the Company may require the disclosure of or limit the beneficial or other ownership
of Deposited Securities, other Shares and other securities of the Company and may provide for blocking transfer and voting or other
rights to enforce such disclosure or limit such ownership, the Depositary shall use reasonable efforts to comply with the Company&rsquo;s
reasonable instructions as to ADSs in respect of any such enforcement or limitation, and Holders and Beneficial Owners shall be
subject to and shall comply with such requirements and limitations and shall cooperate with the Depositary&rsquo;s compliance with
such instructions. Holders and Beneficial Owners shall be required to comply with requests by the Company for information as to
the capacity in which such persons own ADSs or Shares, the identity of any other person interested in such ADSs or Shares and the
nature of such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the other provisions of this
ADR and of the Deposit Agreement, the Depositary shall notify the Company as promptly as practicable after the Company makes a
request in a written notice delivered to the Depositary, which request the Company shall make no more than one time between any
two consecutive ADS Record Dates established in connection with a meeting or solicitation of consents or proxies, and which notice
shall include the outstanding amount of voting share capital of the Company as of the date of such notice, whether any Holder or
Beneficial Owner (except DTC and Cede &amp; Co. as nominee for DTC) to the Depositary&rsquo;s actual knowledge, as of the date
of its response, has registered an acquisition of 3% or more of the voting share capital of the Company on the books of the Depositary
since the date of its immediately preceding response pursuant to this sentence; provided, that in determining whether such threshold
has been met, the Depositary may assume that the outstanding amount of voting share capital set forth in the applicable notice
of request is the outstanding amount of voting share capital of the Company as of the date of the Depositary&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has advised the Depositary that,
as of the date of the Deposit Agreement, under the Legislative Decree No. 58/1998 (as amended, the &ldquo;<U>Consolidated Law on
Finance</U>&rdquo;) and the regulations adopted thereunder by the Commissione Nazionale per le Societ&agrave; e la Borsa (&ldquo;<U>Consob</U>&rdquo;)
with the Decision No. 11971/1999 and subsequent amendments (the &ldquo;<U>Consob Regulations</U>&rdquo;), any person who directly
or indirectly &ndash; including through ADRs/ADSs &ndash; holds voting shares in an Italian company whose shares are listed in
a regulated market in excess of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, 66.6%, 90% and 95% of the company&rsquo;s voting capital
must notify to the Company and the Consob of the acquisition of such holding in the company and any subsequent reduction of its
holding below such thresholds. The Consob Regulations set forth, <I>inter alia</I>, detailed methodologies for the calculation
of the holdings, the cases in which the reporting obligations are triggered by transactions in derivatives and other financial
instruments, the time and content of the required notifications and public announcements and the related procedures, and the exemptions
from the reporting obligations. Failure to comply with these reporting obligations may result in the suspension of voting rights
on the portion of shares that has not been disclosed. If a resolution is adopted at a shareholders&rsquo; meeting by the pivotal
vote of shares whose voting rights were so suspended, such resolution can be voided by a competent court pursuant to the Italian
Civil Code. The Consolidated Law on Finance also regulates cross-holdings between companies and imposes that in case of two companies
each holding an interest in the other exceeding 3% of the other company&rsquo;s voting capital, the company that is the last to
exceed such threshold cannot exercise the voting rights on the portion of shares acquired in excess of such threshold and must
sell such shares within 12 months. If such shares are not sold within such term, the voting rights with respect to the entire shareholding
will be suspended. If resolution is adopted at a shareholders&rsquo; meeting by the pivotal vote of shares the voting rights of
which were so suspended, such resolution can be voided by a competent court pursuant to the Italian Civil Code. The limitations
on cross-holdings described above are not applicable if the shares are acquired as part of a takeover bid or exchange offer to
acquire at least 60% of the ordinary shares of the company. Under the Consolidated Law on Finance, any agreement, in any form,
relating to the exercise of voting rights in an Italian company whose shares are listed on a regulated market or in its parent
company is subject to particular disclosure requirements. The same requirements also apply to any agreement, in any form, that
(a) imposes an obligation of prior consultation for the exercise of voting rights; (b) limits the transfer of shares and/or options,
warrants and other similar rights; (c) provide for the acquisition of options, warrants and other similar rights; (d) has the objective
or effect of exercising, jointly or otherwise, a dominant influence on the company; and (e) has the objective or effect of encouraging
or frustrating a takeover bid or an exchange offer for the acquisition of the control of the company, such as by prohibiting a
shareholder to tender its shares in a takeover bid. Any such agreement that does not comply with the disclosure requirements is
void and the voting rights attached to the shares subject to such agreement are suspended. If a shareholder resolution is adopted
by the pivotal vote of shares whose voting rights were so suspended, such resolution can be voided by a competent court pursuant
to the Italian Civil Code. Pursuant to the By-laws of the Company, if any person, in any capacity, directly or indirectly, holds
more than 3% of the Company&rsquo;s share capital, any voting rights and any other non-financial rights attached to the portion
of shares held in excess of 3% of the Company&rsquo;s share capital are suspended. If a resolution is adopted at a shareholders&rsquo;
meeting by the pivotal vote of shares whose voting rights were so suspended, such resolution can be voided by a competent court
pursuant to the Italian Civil Code. Pursuant to the By-laws of the Company, these limitations do not apply to shares owned by the
Italian Ministry of the Economy and Finance and other governmental entities or private entities under their control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability for Taxes and Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the
Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the
Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Property, and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such distributions
and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable
by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder and the Beneficial Owner hereof
remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs,
to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to paragraph (25) of
this ADR and Section 7.8 of the Deposit Agreement) the withdrawal of Deposited Property until payment in full of such tax or governmental
charge (including penalties or interest thereon, if any) is received. Every Holder and Beneficial Owner agrees to indemnify the
Depositary, the Company, the Custodian, and any of their respective agents, directors, officers, employees and Affiliates for,
and to hold each of them harmless from, any claims (including, without limitation, by any governmental authority or other person
or entity) with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for
such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners under Section 3.2 of the Deposit Agreement
shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of Depositors</U>.</B> Each person depositing Shares under the Deposit Agreement shall
be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued,
fully paid, non-assessable and legally obtained by such person, (ii)&nbsp;all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii)&nbsp;the person making such deposit is duly authorized so to do, (iv)
the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim,
(v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except
as contemplated in Section 2.14 of the Deposit Agreement), and (vi)&nbsp;the Shares presented for deposit have not been stripped
of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance
and cancellation of ADSs in respect thereof, the transfer of such ADSs as well as the termination of the Deposit Agreement. If
any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and
expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Proofs,
Certificates and Other Information</U>.</B> Any person presenting Shares for deposit, any Holder and any Beneficial Owner
may be required, and every Holder and Beneficial Owner agrees, from time to time (i) to provide, at its cost and expense, to
the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or
other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited
Property, compliance with applicable laws, the terms of the Deposit Agreement or this ADR evidencing the ADSs and the
provisions of, or governing, the Deposited Property, (ii) to execute such certifications and to make such representations and
warranties, and (iii) to provide, at its cost and expense, such other information and documentation (or, in the case of
Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or
of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper, or as the Company may reasonably
require by written request to the Depositary, consistent with their respective obligations under the Deposit Agreement and
this ADR. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer
of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the
extent not limited by paragraph (25) and Section 7.8 of the Deposit Agreement, the delivery of any Deposited Property until
such proof or other information is filed or such certifications are executed, or such representations and warranties are made,
or such other documentation or information provided, in each case to the Depositary&rsquo;s, the Registrar&rsquo;s and the
Company&rsquo;s satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if
necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval
or copies of written representations and warranties which it receives from Holders and Beneficial Owners, and (ii) any other
information or documents which the Company may reasonably request and which the Depositary shall request and receive from any
Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal.
Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or
Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial
Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADS Fees and Charges</U>. </B>The following ADS fees are payable under the terms of the Deposit Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD><U>ADS Issuance Fee</U>: by any person to whom the ADSs are issued (<I>e.g.</I>, an issuance upon a deposit of Shares, upon
a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described
in paragraph (iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit
Agreement;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD><U>ADS Cancellation Fee</U>: by any person whose ADSs are being cancelled (<I>e.g.</I>, a cancellation of ADSs for delivery
of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00
per 100 ADSs (or fraction thereof) cancelled;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD><U>Cash Distribution Fee</U>: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
for the distribution of cash dividends or other cash distributions (<I>e.g.</I>, upon sale of rights and other entitlements);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iv)</B></TD><TD><U>Stock Distribution /Rights Exercise Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for (a)&nbsp;stock dividends or other free stock distributions, or (b)&nbsp;an exercise of rights to purchase
additional ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(v)</B></TD><TD><U>Other Distribution Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held for the distribution of securities other than ADSs or rights to purchase additional ADSs (<I>e.g.</I>, spin-off shares); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(vi)</B></TD><TD><U>Depositary Services Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held on the applicable record date(s) established by the Depositary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, Holders, Beneficial Owners,
persons receiving ADSs upon issuance and persons whose ADSs are being cancelled shall be responsible for the following ADS charges
under the terms of the Deposit Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on
the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be
at the expense of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All ADS fees and charges may, at any time
and from time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees and charges payable
by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated in the Deposit
Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges payable upon (i) the
issuance of ADSs and (ii)&nbsp;the cancellation of ADSs will be payable by the person to whom the ADSs are so issued by the Depositary
(in the case of ADS issuances) and by the person whose ADSs are being cancelled (in the case of ADS cancellations). In the case
of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges
will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s)
of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at
the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable
ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and
charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service
fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS
fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees
and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and
may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall
extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to ADRs</U>.</B> Subject to the limitations contained in the Deposit Agreement and in this ADR, it is a condition
of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR
(and to each Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the
laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied
by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat
the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute
owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability
under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs,
such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial
Owner, or the Beneficial Owner&rsquo;s representative, is the Holder registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Validity of ADR</U>.</B> The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits
under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has
been (i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned
by the manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained
by the Registrar for the registration of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized
signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or
the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so
authorized prior to the delivery of such ADR by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Available Information; Reports; Inspection of Transfer Books</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to the periodic reporting
requirements of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports
can be retrieved from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities
maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. The
Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any
proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee
of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property
by the Company. The Depositary shall also provide or make available to Holders copies of such reports when furnished by the Company
pursuant to Section 5.6 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph
(25) and Section 7.8 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs are listed on one or more stock
exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable,
to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such
exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">CITIBANK, N.A.<BR>
Transfer Agent and Registrar</TD>
    <TD STYLE="width: 50%">CITIBANK, N.A.<BR>
as Depositary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:&#9;__________________________________&#9;</TD>
    <TD>By:&#9;__________________________________&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;Authorized Signatory</TD>
    <TD>&nbsp;Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">The address of the Principal
Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF REVERSE OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF THE DEPOSIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends and Distributions in Cash, Shares, etc</U>.</B> (a) <B><I>Cash Distributions</I></B>: Whenever the Company
intends to make a distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company
shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution specifying, <I>inter alia</I>,
the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution. Upon the
timely receipt of such notice, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the
Deposit Agreement. Upon receipt of confirmation of the receipt of (x)&nbsp;any cash dividend or other cash distribution on any
Deposited Securities, or (y)&nbsp;proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms
hereof, the Depositary will (i)&nbsp;if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment
of the Depositary (pursuant to Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars transferable
to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the
terms described in Section 4.8 of the Deposit Agreement), (ii)&nbsp;if applicable and unless previously established, establish
the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii)&nbsp;distribute promptly the amount
thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes, duties, or
other governmental charges withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs
held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing
to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for
interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders
of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold
and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds
from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed
to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded
by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company
shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute
in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution
can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with Section 2.11
of the Deposit Agreement and the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit
Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided
for in Section 4.1 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions
contemplated in Section 4.1 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the
Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated in Section 4.1 of the
Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts,
as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) <B><I>Share Distributions</I></B>: Whenever
the Company intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give
notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution, specifying, <I>inter alia</I>, the
record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such
share distribution to be made available to Holders of ADSs. Upon the timely receipt of such notice from the Company, the Depositary
shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation
from the Custodian of the receipt of the Shares so distributed by the Company, and if the Company shall have indicated that it
wishes such share distribution to be made available to Holders of ADSs, the Depositary shall either (i) subject to Section 5.9
of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the
ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution,
subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes, duties and governmental charges), or (ii) if additional ADSs are not so distributed,
take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by
law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited
Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b)
taxes duties and governmental charges). In lieu of delivering fractional ADSs, the Depositary shall promptly sell the number of
Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms
described in Section 4.1 of the Deposit Agreement; provided that no distribution to Holders under Section 4.2 of the Deposit Agreement
shall be unreasonably delayed by the actions of the Depositary. In the event that the Depositary determines that any distribution
in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold,
or, if the Company has determined that Shares must be registered under the Securities Act or other laws in order to be distributed
to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of
such property (including Shares and rights to subscribe therefor) in such amounts and in such manner permitted by applicable law,
including by public or private sale, as the Depositary in consultation with the Company deems necessary and practicable, and the
Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses
incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 of the Deposit Agreement. If the
Company has indicated in its notice to the Depositary of the share distribution that it does not wish such distribution to be made
available to Holders of ADSs, the Depositary shall dispose of all the Shares it receives in respect of such distribution in such
manner permitted by applicable law, including by public or private sale, as the Depositary deems necessary and practicable, and
the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and
expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 of the Deposit Agreement.
The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit
Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give
the Depositary timely notice of the proposed distribution provided for in Section 4.2 of the Deposit Agreement, the Depositary
agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.2 of the Deposit Agreement, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s
failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) <B><I>Elective Distributions in Cash
or Shares</I></B>: Whenever the Company intends to make a distribution, including a dividend, payable at the election of the holders
of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least sixty
(60) days prior to the proposed distribution specifying, <I>inter alia</I>, the record date applicable to holders of Deposited
Securities entitled to receive such elective distribution and whether or not it wishes such elective distribution to be made available
to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made
available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary
in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders
of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested
that the elective distribution be made available to Holders, (ii)&nbsp;the Depositary in consultation with the Company shall have
determined that such distribution is lawful and reasonably practicable and (iii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7 of the Deposit Agreement. If the above conditions are not satisfied or if the Company
requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS Record
Date on the terms described in Section 4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to the Holders,
on the basis of the same determination as is made in the Italian Republic in respect of the Shares for which no election is made,
either (X) cash upon the terms described in Section 4.1 of the Deposit Agreement or (Y) additional ADSs representing such additional
Shares upon the terms described in Section 4.2 of the Deposit Agreement. If the above conditions are satisfied, the Depositary
shall establish an ADS Record Date on the terms described in Section 4.9 of the Deposit Agreement and establish procedures to enable
Holders to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary
in establishing such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the
distribution shall be made upon the terms described in Section 4.1 of the Deposit Agreement, or (Y)&nbsp;in ADSs, the distribution
shall be made upon the terms described in Section 4.2 of the Deposit Agreement. Nothing herein shall obligate the Depositary to
make available to Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance
that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same
terms and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in
the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.3 of the
Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section
4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have
no liability for the Depositary&rsquo;s failure to perform the actions contemplated in Section 4.3 of the Deposit Agreement where
such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) <B><I>Distribution of Rights to Purchase
Additional ADSs</I></B>: Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe
for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the proposed distribution
specifying, <I>inter alia</I>, the record date applicable to holders of Deposited Securities entitled to receive such distribution
and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating
that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine,
and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have
timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary, in consultation with the Company, shall have
determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth
above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall
proceed with the sale of the rights as contemplated in Section 4.4(b) of the Deposit Agreement. In the event all conditions set
forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit
Agreement) and establish procedures to (x)&nbsp;distribute rights to purchase additional ADSs (by means of warrants or otherwise),
(y)&nbsp; enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable taxes, duties
and other governmental charges), and (z) deliver ADSs upon the valid exercise of such rights (upon payment of the applicable fees
and charges of, and expenses incurred by, the Depositary, and payment of the applicable taxes, duties and other governmental charges).
The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing herein shall obligate
the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (i) the Company does not timely request
the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary
fails to receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or determines, following
consultation with the Company, that it is not reasonably practicable to make the rights available to Holders, or (iii) any rights
made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private
sale) as it may deem practicable in consultation with the Company. The Company shall assist the Depositary to the extent necessary
to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale
(net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes, duties and governmental charges)
upon the terms set forth in Section 4.1 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Depositary is unable to make any
rights available to Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the
rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for (i)
any failure to accurately determine whether it may be lawful or practicable to make such rights available to Holders in general
or any Holders in particular; provided, that if the Company has provided documentation in accordance with Section 5.7 of the Deposit
Agreement indicating that such rights may lawfully be made available to Holders, the Depositary shall not unreasonably withhold
such determination with respect to lawfulness, (ii) any foreign exchange exposure or loss incurred in connection with such sale,
or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights
distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary
in Section 4.4 of the Deposit Agreement, if registration (under the Securities Act or any other applicable law) of the rights or
the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i)&nbsp;unless
and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case satisfactory to the Depositary acting reasonably, to
the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that any of the Company, the
Depositary or the Custodian is required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes, duties or other governmental charges, the amount distributed to the Holders of ADSs representing
such Deposited Property shall be reduced accordingly. In the event that the Depositary determines that any distribution of Deposited
Property (including Shares and rights to subscribe therefor) is subject to any tax, duty or other governmental charges which the
Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property (including Shares
and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems
necessary and practicable to pay any such taxes, duties or governmental charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) <B><I>Distributions other than Cash,
Shares or Rights to Purchase Shares</I></B>: Whenever the Company intends to distribute to the holders of Deposited Securities
property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary
at least twenty (20) days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be
made to Holders of ADSs. Upon timely receipt of a notice indicating that the Company wishes such distribution to be made to Holders
of ADSs, the Depositary shall consult with the Company to determine whether such distribution to Holders is lawful and reasonably
practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make
such distribution to Holders, (ii)&nbsp;the Depositary shall have received satisfactory documentation within the terms of Section
5.7 of the Deposit Agreement, if the property to be distributed includes securities or rights to receive or purchase securities,
and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon receipt of satisfactory documentation
and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth
in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in
proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem practicable for accomplishing
such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary,
and (ii) net of any taxes, duties and governmental charges withheld. The Depositary may dispose of all or a portion of the property
so distributed and deposited, in such amounts and in such lawful manner (including public or private sale) as the Depositary may
deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges
applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (i) the Company does not request the
Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary
does not receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary determines
that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be
sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the
proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the
Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes duties and governmental
charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 of the Deposit Agreement. If the Depositary is
unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably
practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary nor the Company shall
be liable for (i) any failure to accurately determine whether it is lawful or practicable to make the property described in Section
4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any foreign exchange exposure
or other loss incurred in connection with the sale or disposal of such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities,
the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the intended date of redemption which
notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii)&nbsp;satisfactory
documentation given by the Company to the Depositary within the terms of Section 5.7 of the Deposit Agreement, and only if the
Depositary shall have determined, acting reasonably in consultation with the Company, that such proposed redemption is practicable,
the Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights
and any other particulars set forth in the Company&rsquo;s notice to the Depositary. The Depositary shall instruct the Custodian
to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of
the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds
representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net
of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes, duties and governmental charges),
retire ADSs and cancel ADRs<B>, </B>if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections
4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will
be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar
equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption
of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the applicable
fees and charges of, and expenses incurred by, the Depositary, and taxes, duties and governmental charges) multiplied by the number
of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in this Deposit Agreement to the contrary,
in the event the Company fails to give the Depositary timely notice of the proposed redemption provided for in Section 4.7 of the
Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section
4.7 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have
no liability for the Depositary&rsquo;s failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where
such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the &ldquo;<U>ADS
Record Date</U>&rdquo;) for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give
instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable
record date for the Deposited Securities (if any) set by the Company in the Italian Republic and shall not announce the establishment
of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action
affects the Deposited Securities). Subject to applicable law, the terms and conditions of this ADR and the provisions of Sections
4.1 through 4.8 of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise
take action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Securities</U>.</B> As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the
Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section
4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least thirty (30) days prior to the
date of such vote or meeting), at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, distribute to Holders
as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at
the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement,
the By-laws of the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized
in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
Deposited Securities represented by such Holder&rsquo;s ADSs and (c) a brief statement as to the manner in which such voting instructions
may be given to the Depositary or in which voting instructions would be deemed to have been given in accordance with Section 4.10
of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, the By-laws of the Company
or by the requirements of the stock exchange on which the ADSs are listed, or unless the Company requests otherwise in writing,
in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents
or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes
to Holders, instructions on how to retrieve such materials or receive such materials upon request (<I>e.g.</I>, by reference to
a website containing the materials for retrieval or a contact for requesting copies of the materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voting instructions may be given only in
respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs
as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar
as practicable and permitted under applicable law, the provisions of the Deposit Agreement, By-laws of the Company and the provisions
of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented
by such Holder&rsquo;s ADSs in accordance with such voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposited Securities represented by ADSs
for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise
contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting
and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, the
Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from
Holders or as otherwise contemplated in the Deposit Agreement or herein. If the Depositary timely receives voting instructions
from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such
Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to
have instructed the Depositary to vote in favor of the items set forth in such voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether
or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for
the sole purpose of establishing quorum at a meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or this ADR, the Depositary shall not have any obligation to any Holder, any Beneficial Owner or the Company
to take any action with respect to (i) any meeting, or solicitation of consents or proxies, of holders of Deposited Securities,
or (ii) any vote of the ADSs or the Deposited Securities represented thereby, if the taking of such action by the Depositary would
violate or be limited, or if the effect of such action would be limited, by U.S., Italian or other applicable law, or the provisions
of the By-laws of the Company, or if the Depositary, upon advice of its counsel, reasonably believes that its taking of such action
would be such a violation or so limited. The Depositary shall have no liability to the Company or any Holder or Beneficial Owner
for any claim or loss arising out of the Depositary being prohibited or in any way limited by U.S., Italian or other applicable
law, or the provisions of the By-laws of the Company, from taking any action described in the immediately preceding sentence, or
any such prohibition or limitation invalidating or otherwise affecting any such action, or the effect thereof, and the Company
shall hold the Depositary harmless and indemnify the Depositary against any claim or charge that the Depositary violated any Italian
law or the provisions of the By-laws of the Company as a result of taking any such action in accordance with the terms of the Deposit
Agreement. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise
the voting rights accruing to the Deposited Securities, subject to any limitations under the By-laws of the Company, Italian law
and other applicable law, and to provide advance written notice to all Holders and Beneficial Owners, and the Depositary, of any
applicable prohibitions or limitations on the voting rights accruing to the Deposited Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes Affecting Deposited Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions
of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such additional or replacement
Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited
Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company&rsquo;s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation,
(a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes, duties and governmental charges)
and receipt of an opinion of counsel to the Company reasonably satisfactory to the Depositary that such actions are not in violation
of any applicable laws or regulations, (i)&nbsp;issue and deliver additional ADSs as in the case of a stock dividend on the Shares,
(ii)&nbsp;amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6
as filed with the Commission in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding ADRs to be exchanged for new
ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees
to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance
of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully
distributed to some or all Holders, the Depositary may, with the Company&rsquo;s approval, and shall, if the Company requests,
subject to receipt, to the extent requested by the Depositary, of an opinion of Company&rsquo;s counsel reasonably satisfactory
to the Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public
or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales
(net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes, duties and governmental charges) for the
account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard
to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of
a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i)
any failure to accurately determine that it may be lawful or practicable to make such Deposited Property available to Holders in
general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii)
any liability to the purchaser of such Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company, nor their respective controlling persons, employees, officers, directors, agents and Affiliates shall be obligated
to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or the ADRs, nor shall either incur
any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in, doing or performing any
act or thing required by the terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation
of the United States, the Italian Republic or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present
or future, of the By-laws of the Company or any provision of or governing any Deposited Securities, or by reason of any act of
God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions,
work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason
of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the By-laws of the Company
or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative
thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability
by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders
of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any
special, consequential, indirect or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary, its controlling persons,
its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party
or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Standard of Care</U>.</B> The Company and the Depositary assume no obligation and shall not be subject to any liability
under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree
to perform their respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith.
Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons,
employees, officers, directors, agents and Affiliates, shall be under any obligation to appear in, prosecute or defend any action,
suit or other proceeding in respect of any Deposited Property or in respect of the ADSs, which in its opinion may involve it in
expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and
liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary and its agents shall not
be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any
vote is cast or the effect of any vote, provided that any such action or omission is in good faith, without negligence and in accordance
with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that
any distribution or action may be lawful (provided, that if the Company has provided documentation in accordance with Section 5.7
of the Deposit Agreement indicating that such distribution or action is lawful, the Depositary shall not unreasonably withhold
such determination) or reasonably practicable, for the content of any information submitted to it by the Company for distribution
to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest
in the Deposited Property, for the validity or worth of the Deposited Property or for any tax consequences that may result from
the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights
to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action
of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provision of this
ADR, the Deposit Agreement or any other undertaking of the Depositary, references in this ADR or the Deposit Agreement to the Depositary&rsquo;s
&ldquo;knowledge&rdquo; or &ldquo;actual knowledge&rdquo; shall mean the Depositary&rsquo;s actual knowledge obtained in the performance
of its activities as the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to
be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled
to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii)&nbsp;the appointment by the Company of a successor
depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i)&nbsp;the 60th day after
delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2
of the Deposit Agreement), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment
as provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough
of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor
and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and
obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary,
upon payment of all sums due it and on the written request of the Company shall (i)&nbsp;execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the
Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary&rsquo;s right, title and interest to the Deposited
Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide
notice of its appointment to such Holders. Any entity into or with which the Depositary may be merged or consolidated shall be
the successor of the Depositary without the execution or filing of any document or any further act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this paragraph 23 and Section 6.1 of the Deposit
Agreement, the Deposit Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from
time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may
deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement
which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations,
and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any
substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the
expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding
ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments
effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, <U>provided</U>,
<U>however</U>, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to
retrieve or receive the text of such amendment (<I>e.g.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s
or the Company&rsquo;s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on
Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either
such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial
rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective
shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit
Agreement and this ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair
the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order
to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new
laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith,
the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed
laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become
effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for
compliance with such laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</B> The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign in accordance with the terms set forth in Section 5.4 of the
Deposit Agreement, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary,
and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4
of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the
Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The
date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders
of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the Termination Date, the Depositary shall continue
to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of
their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the
Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the Deposit Agreement,
except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i)
collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property received in respect
of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after
deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and
all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms
set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law in connection
with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may sell the Deposited
Property then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together
with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest,
for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary
shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash
(after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary,
and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms
set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the termination of the
Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement,
except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the
terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the
Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation
under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with U.S. Securities Laws</U>.</B> Notwithstanding any provisions in this ADR or the Deposit Agreement to
the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except
as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from
time to time, under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Rights of the Depositary; Limitations</U>.</B> Subject to the further terms and provisions of this paragraph
(26) and Section 5.10 of the Deposit Agreement, the Depositary, its Affiliates and their agents, on their own behalf, may own and
deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall
not lend Shares or ADSs; <U>provided</U>, <U>however</U>, that the Depositary may (i) issue ADSs prior to the receipt of Shares
pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares
may not have been received (each such transaction a &ldquo;<U>Pre-Release Transaction</U>&rdquo;). The Depositary may receive ADSs
in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be
(a) subject to a written agreement whereby the person or entity (the &ldquo;<U>Applicant</U>&rdquo;) to whom ADSs or Shares are
to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or
ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner
of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are
delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as
applicable, such Shares or ADSs and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate,
(b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject to such further indemnities
and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved
in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs
outstanding under (i) above), <U>provided</U>, <U>however</U>, that the Depositary reserves the right to change or disregard such
limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares
involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain
for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above,
but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law / Waiver of Jury Trial</U></B>. The Deposit Agreement and the ADRs shall be interpreted in accordance with,
and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York
without reference to the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement, any
ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other
Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities,
as such, shall be governed by the laws of the Italian Republic (or, if applicable, such other laws as may govern the Deposited
Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ASSIGNMENT AND TRANSFER SIGNATURE LINES)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing
________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in
the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Dated:</TD>
    <TD STYLE="width: 50%">Name:
________________________________</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The signature of the Holder to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatsoever.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>If the endorsement be executed by an attorney, executor,
administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper
evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>__________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>SIGNATURE GUARANTEED</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>All endorsements or assignments of ADRs must be guaranteed
by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Legends</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT><BR>
<FONT STYLE="font-weight: normal">[The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the
following legend on the face of the ADR: &ldquo;This ADR evidences ADSs representing 'partial entitlement' Shares of Eni S.p.A.
and as such do not entitle the holders thereof to the same per-share entitlement as other Shares (which are 'full entitlement'
Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements
identical to other ADSs when the Shares represented by such ADSs become 'full entitlement' Shares.&rdquo;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT></P>

<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FEE SCHEDULE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADS FEES AND RELATED CHARGES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All capitalized terms used but not otherwise defined herein
shall have the meaning given to such terms in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in">I.</TD><TD><U>ADS
                                         Fees</U></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following ADS fees are payable under the terms of the Deposit
Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid"><B>Service</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Rate</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>By Whom Paid</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(1)&#9;Issuance of ADSs (<I>e.g.</I>, an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person receiving ADSs.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(2)&#9;Cancellation of ADSs&nbsp;&nbsp;(<I>e.g.</I>, &nbsp;a cancellation of ADSs for delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person whose ADSs are being cancelled.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(3)&#9;Distribution of cash dividends or other cash distributions (<I>e.g.</I>, upon a sale of rights and other entitlements).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom the distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(4)&#9;Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii)&nbsp;an exercise of rights to purchase additional ADSs.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom the distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(5)&#9;Distribution of securities other than ADSs or rights to purchase additional ADSs (<I>e.g.</I>, spin-off shares).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom the distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">6)&#9;ADS Services.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person holding ADSs on the applicable record date(s) established by the Depositary.</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">B-1</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">II.</TD><TD><U>Charges</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company, Holders, Beneficial Owners, persons receiving ADSs
upon issuance and persons whose ADSs are being cancelled shall be responsible for the following ADS charges under the terms of
the Deposit Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on
the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be
at the expense of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 2px solid; text-align: center">B-2</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>3
<FILENAME>e616185_ex99-d.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: right">May 22, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A. &ndash; ADR Department<BR>
388 Greenwich Street<BR>
New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We refer to the Registration
Statement on Form F-6 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed with the Securities and Exchange
Commission (the &ldquo;<U>SEC</U>&rdquo;) by the legal entity created by the Deposit Agreement (as hereinafter defined) for
the purpose of registering under the United States Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;), 100,000,000 American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) to be issued under the Second Amended
and Restated Deposit Agreement, by and among Citibank, N.A., as Depositary, Eni S.p.A, a company organized and existing under
the laws of the Italian Republic (the &ldquo;<U>Company</U>&rdquo;), and all Holders and Beneficial Owners (each as defined
in the Deposit Agreement and hereinafter used as so defined)  of ADSs issued thereunder, a draft copy of
which is being filed as Exhibit (a) to the Registration Statement (the &ldquo;<U>Deposit Agreement</U>&rdquo;). Each ADS will
represent, subject to the terms and conditions of the Deposit Agreement and, if applicable, the American Depositary Receipt
(&ldquo;<U>ADR</U>&rdquo;) evidencing such ADS, the right to receive two (2) ordinary shares of the Company
(the &ldquo;<U>Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Nothing contained herein or in any document
referred to herein is intended by this firm to be used, and the addressees hereof cannot use anything contained herein or in any
document referred to herein, as &ldquo;tax advice&rdquo; (within the meaning given to such term by the United States Internal Revenue
Service (&ldquo;<U>IRS</U>&rdquo;) in IRS Circular 230 and any related interpretative advice issued by the IRS in respect of IRS
Circular 230 prior to the date hereof, and hereinafter used within such meaning and interpretative advice). Without admitting that
anything contained herein or in any document referred to herein constitutes &ldquo;tax advice&rdquo; for any purpose, notice is
hereby given that, to the extent anything contained herein or in any document referred to herein constitutes, or is or may be interpreted
by any court, by the IRS or by any other administrative body to constitute, &ldquo;tax advice,&rdquo; such &ldquo;tax advice&rdquo;
is not intended or written to be used, and cannot be used, for the purpose of (i)&nbsp;avoiding penalties under the United States
Internal Revenue Code of 1986, as amended, or (ii)&nbsp;promoting, marketing or recommending to any party any transaction or matter
addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Assuming that, at the time of their issuance,
the Registration Statement will have been declared effective by the SEC, the Deposit Agreement will have been duly executed and
delivered, and the Shares will have been legally issued, we are of the opinion that the ADSs, when issued in accordance with the
terms of the Deposit Agreement and the Registration Statement, will be legally issued and will entitle the Holders to the rights
specified in the Deposit Agreement and, if applicable, the ADR(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is limited to the laws of the
State of New York and the Federal laws of the United States. Without admitting that we are within the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act, we hereby consent to the use of this opinion as Exhibit (d) to
the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="vertical-align: top"></TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>PATTERSON BELKNAP WEBB &amp; TYLER <FONT STYLE="font-size: 10pt">LLP</FONT></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 46%; border-bottom: Black 1pt solid">

<P STYLE="margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">
/s/
Herman H. Rasp&eacute;</P>

<P STYLE="margin: 0pt 0"></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"> A Member of the Firm</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 2px solid; text-align: center">-2-</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  _ C8# 2(  A$! Q$!_\0
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M& XX! &<4S]FCX4_'+XI_ 32+GPUXXMO"7AW3XY8-)M I1[P+(Y9W95)P7+
M$D]/N@=6\H4*+=62C)2M=[6M?M_2#ZRW-<JNFC[RHKY:_8,_:N\4_$/QOKWP
M_P#'>R?Q#H*R/'=[%223RI!%+%(%PI96*D, ,@G/J?7?VN?'>J?#;]G7Q1K&
MAWUGIVKVMKFUGN710K%@#MW\&3;NVCG+8X->=5P-2G76'E:[MZ:]3>-6,H<Z
M/2*K:SJL6A:/=7L^[R;.%YY-HR=JJ6.!ZX%?&/[ ?QF\<?$WXSV\4/B3Q)XG
M\,Q:/YOB!M86/;8WK;MJ0$$DKN QTR-^0,"OM2>!+J!XY$62.12KHPRK \$$
M=Q2QF$>&J^SF[CI5%4CS(^:HO^"K_P +)P-J>)SD9P-.7_XNM+PA_P %-?AK
MXV\7Z9HEFOB(7NK7<5E!YEBJJ))&"KN._@9(KC_^"GWPU\.>#OV=+*YTCP_H
MFEW)URVC,MG8Q0.4,<V5W*H..!Q["N)^)?@'4_"?["GPZ\>^#OL^D:IHME;S
M:G-;6,!EF23:!.7*%M\<@4YSG#,>U>S2P>"JTHSBFN9\JN^MO0Y95:L9-=M3
M[LKS7X^_M5^%_P!F_4-%MO$2ZHTFO,ZVOV.V$H!0H#N^88_UB_K7C'QR_;CD
MMOV(-!\2:/>_8_%/BQ%L4>+&^TFBXNI ,$?+M('_ %T2O$_VNM&\3Z3\-_@Q
M)XQU2^U7Q%J375]=/=L"UN))+4I"  ,;5VY_VBU<^!RASJ1]OHFVK==$_P +
MEU<3:+Y/+\3]':*^*OVV_P!L#Q#:_'I/A[H/B6/P1I%B84U36MA:17D02$Y
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M&C&+NNUCX&U#X;_$KPWXDU5/'?P2T/XG7=U,9$U:S@BMFDXQNW0*"0W7YU#
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M (_76[QOVY&<9QWQ0SA.I R<#)ZF@#DOL?CS_H(^$?\ P77'_P ?H^Q^//\
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M !1110 4444 >-_MN:#%?_##2-0:6\2?2O$FCR0+%<O'&6?4;:,EU4@/\K,
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M)'4^H8UA6G[*?P\L= N=,B\*Z<EI=M \N"_F%H-PA82;MX*!V"D," Q XXH
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M/,3(HX!0\CT/-,U_X4^'/%'C#3_$&H:-8W>M:2 MG>21YE@ ;< #[-DCW)H
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M@L,Y)S4?A+]FWP+X%T^.UTKPUIUG#%?1:F@568K<1#;$X9B3\@)"C.%!P *
M/ ?#'P:\%RZMX^ODNM2TKX6Z1I+:3K.KO?R++XEO8[P7-S,TG658]C6[/C+F
M66-<@5FZO\'=.@_9^B?5_#MZ=9\4ZMJ3>!O!C3,B:>;Y%6'S(LX0P1QM<,V0
M(/,EQ@XKWZR_8\^&6G:;>6</@W1X[._B\BXMPK>5(GF++MVYQ]]%;@=12W'[
M(7PUN[&WMI?".F216<DLT 8N6B>0(LA5MV1N"(#SSM% 'EE]\%;9?C]X)T[2
MY[[5_'&BMIVJ^)_$$EP[KIUE;6OV=;93GY?M;JQ\KG</-D8=#7TY7 P?LN^
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06UO$N$AC48"@>@%% '__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
