Article 23, para. 23.3, of the Rules of Operation of the Energy Efficiency Certificates Market, issued by GME in consultation with AEEG (Autorità per l’energia elettrica e il gas, Decision no. 67/04), stipulates that “The days and hours of the market trading sessions shall be defined in the Technical Rules”. Para. 23.2 of the same Article provides that “The trading sessions shall take place at least once a week in the period from February to May of each year and at least once a month in the remaining months”.

GME has thus decided to organise the market sessions in the following way:

from 9:00 to 12:00.

(*) At the request of AEEG, the number of sessions for the month of May has been increased with a view to providing Participants with more opportunities to trade their certificates in view of the deadline for compliance with their 2011 obligation. To permit the transfer of the certificates in due time between one session and the other, the conventional price for the sessions from 8 through 31 May will be equal to € 130 per certificate. However, by agreement with AEEG, GME may change such price in the course of May, if the levels of market prices grow and reduce the security margin to below 20%. Any changes will be priorly agreed with AEEG.

Conventional price and cash deposit

Technical Rule no. 03-05 of the Energy Efficiency Certificates Market stipulates that “The amount of the minimum conventional price, representing the penalty that purchasing Market Participants are held to pay in the event of default, shall be such as to discourage behaviours which may alter the correct operation of the market. In this sense, the conventional price shall be equal to 30% of the tariff reimbursement referred to in AEEG’s Decision 219/04, which is equal to € 100/toe for 2005.”

Therefore, the minimum conventional price for the sessions to be held on the above-mentioned dates shall be equal to € 30.

In order to be entitled to purchase Energy Efficiency Certificates in a market session, each participant shall pay - as cash deposit - a minimum amount of € 30 for each certificate to be purchased. The cash deposit shall be made by bank transfer to Gestore dei Mercati Energetici SpA, account no. 000007250X76, with the bank in charge of treasury services, Banca Popolare di Sondrio,Società Cooperativa per Azioni,Viale Cesare Pavese, 336 - 00144 – Roma, ABI 05696, CAB 03211, IBAN IT03 S056 9603 2110 0000 7250 X76, CODICE SWIFT POSOIT22, within 12:00 of the working day preceding the day of opening of the trading session.