[Last updated: 1 January 2024, unless otherwise noted]

Borsa Italiana S.p.A. (Borsa Italiana) is responsible for the organization and management of the Italian stock exchange and following a merger, effective 29 April 2021, is part of the Euronext Group. Borsa Italiana manages five regulated markets:

• The Euronext Milan - EXM (formerly known as Mercato Telematico Azionario, or MTA), where, among other things, shares, convertible bonds, warrant and option rights are traded.
• The Euronext MIV Milan - MIV (formerly known as Mercato degli Investment Vehicles), where, among other things, shares or units of alternative investment funds, special investment vehicles and SIIQ, convertible bonds, warrant and option rights issued by such subjects are traded.
• The Mercato Telematico delle Obbligazioni - MOT, where, among other things, government bonds, eurobonds, non-convertible bonds and capital market instruments are traded.
• The Mercato degli Strumenti Derivati – Euronext Derivatives Milan, where certain derivative agreements are traded.
• The Mercato telematico degli ETF e degli ETC/ETN - ETFplus, where, among other things, financial instruments whose value is linked to the prices of the underlying assets are traded.

In addition, Borsa Italiana manages seven multilateral trading facilities:

• The Euronext Growth Milan (EGM) where, primarily, shares of small and medium enterprises are traded.
• The Mercato Euronext Access Milan, where, among other things, certain bond instruments and capital market instruments are traded.
• The Mercato Borsa Italiana Global Equity Market (Bit GEM) where shares, depository receipts and other security listed on an OECD market are traded.
• The Mercato TAH where, between 6pm and 8.30pm, shares, depository receipts and other security listed on a Euronext market are traded.
• The Mercato SeDeX where securitized derivative financial instruments are traded.
• The Mercato ATFund where open-end collective investment undertakings are traded.
• The Mercato EuroTLX where shares, certificates representing shares, covered warrants, certificates, bonds and other debt securities (including financial instruments granting voting rights, structured bonds, covered bonds and governmental bonds) are traded.

This summary only relates to shares admitted on the EXM, which is Borsa Italiana's main market for medium and large issuers.

The regulatory framework applicable to EXM-listed companies is comprehensive and includes globally recognized standards of regulation and corporate governance. As a result, a listing on the EXM demonstrates a company's commitment to compliance with high regulatory standards and provides companies with the means to access capital from the widest set of investors.

Besides the ordinary segment, the EXM has one segment, the Euronext STAR Milan segment, which is dedicated to medium-size companies which satisfy particular requirements regarding disclosure, market communication, liquidity and corporate governance.

The EXM is the Borsa Italiana's principal market for listed companies from Italy and abroad. The relevant regulatory authority for a listing on the EXM is the Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa or CONSOB) in its capacity as the Italian Listing Authority. Borsa Italiana must also give its approval on the listing. Typically, Borsa Italiana and CONSOB co-operate in assessing listing requests.