9. Powers to increase the share capital and authorisations to buy treasury shares
The Board of Directors does not have the power to increase the share capital pursuant to Article 2443 of the Italian Civil Code. The Bylaws provide that the Company may issue shares, including special classes of shares, to be allotted as a bonus pursuant to Article 2349 of the Italian Civil Code. There are currently no treasury share buyback programmes pursuant to Articles 2357 et seq. of the Italian Civil Code.