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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES
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The Plan therefore qualifies as "of particular relevance" within the meaning of art. 84-bis, par. 2 of the Issuer
Regulations.
A maximum number of 500,000 treasury shares have been earmarked to serve the discounted purchases
envisaged by the Plan.
During the month of October 2013, the plan was presented and explained to some 16,000 of the Group's
employees in 27 countries. Employees had until the end of December 2013 to communicate their wish to join
the Plan, the amount they intended to invest in the first purchase window and the method of payment. The
sum collected in April 2014, totalling Euro 6.4 million, was used to make purchases of the Company's
ordinary shares on the Milan Stock Exchange over a period of 5 consecutive business days in May 2014.
The number of treasury shares allotted to each participant was determined by taking into account the
average share purchase price (Euro 16.2629), the individual investment and the applicable discount.
All the plan's participants also received an entry bonus of six free shares, also taken from the Company's
portfolio of treasury shares, only available at the time of first purchase.
The shares purchased by participants, as well as those received by way of discount and entry bonus, are
generally subject to a retention period during which they cannot be sold and the length of which varies
according to local regulations.
On 9 June 2014, an additional purchase window was opened for plan participants in the "Manager" category
who had already bought shares in the purchase window in May and who were so entitled under the plan's
regulations. Managers opting to participate in this additional window were able to buy an additional quantity
of shares at a 25% discount. The total of Euro 0.7 million collected in this additional window was used to
make purchases of the Company's ordinary shares on the Milan Stock Exchange over a period of 5
consecutive business days in July 2014. The number of treasury shares allotted to each participant was
determined by taking into account the average share purchase price (Euro 16.3585), the individual
investment and the applicable discount.
In December 2014, employees were informed that the plan's second cycle scheduled for 2015 was open for
application. Employees had until the third week of February 2015 to sign up for the second cycle and to
communicate how much they intended to invest. The total amount collected was used to make purchases of
the Company's shares on the Milan Stock Exchange over a period of five consecutive business days in July
2015. The number of treasury shares allotted to each participant was determined by taking into account the
average share purchase price (Euro 18.8768), the individual investment and the applicable discount.
On 25 August 2015, an additional purchase window was opened for plan participants in the "Manager"
category, like in June 2014. The total of Euro 0.6 million collected in this window was used to make
purchases of the Company's ordinary shares on the Milan Stock Exchange over a period of 5 consecutive
business days in September 2015. The number of treasury shares allotted to each participant was
determined by taking into account the average share purchase price (Euro 18.8988), the individual
investment and the applicable discount.
In November 2015, employees were informed that the plan's third cycle scheduled for 2016 was open for
application. Employees had until the end of December 2015 to apply for this third cycle and to communicate
how much they intended to invest. The total amount collected will be used to make purchases of the