Starting as of 1 January 2023 TIP will cease to be a Small Medium Enterprise (SME) as on 31 December 2022 expired the transitional regime provided for by Article 44-bis, paragraph 2, of Law Decree no. 76/2020 converted by Law no. 120/2020, which amended the definition of SME by eliminating the reference to the turnover parameter.

It is therefore recalled that, by virtue of TIP's loss of SME qualification, for the purposes of the disclosure obligations of the relevant shareholdings, pursuant to Article 120, paragraph 2, of the TUF, the relevant threshold equal to 3% of the share capital applies.

In particular, it should be noted that, pursuant to Article 117, paragraph 2-bis, of the Issuers' Regulation, anyone who, at the time of the loss of TIP's SME status, holds a shareholding of more than 3% and less than 5%, must notify Consob and TIP, within the term provided for in Article 121, paragraph 3-bis, of the Issuers' Regulation.