The Board of Directors of Class Editori has updated on August 25 of the Code of Conduct for Internal Dealing. The adoption of this Code of Conduct is to comply with the requirements contained in the following acts:

• Legislative Decree 24 February 1998 58, "Consolidated provisions for financial intermediation", and subsequently amended (hereinafter the "Tuif")
• Regulation approved by Consob May 14, 1999, No 11971, as amended and supplemented (hereinafter, the "Issuers Regulation");
• the existing regulation of the markets organized and managed by Borsa Italian SpA, (hereinafter the "Stock Exchange Rules");
• the standing instructions to the Stock Exchange Regulations (hereinafter, the "Instructions")

In case of doubt, the terms not defined in the Code must be in accordance with those rules. The rules laid down in the document are intended to provide transparency on financial transactions carried out by Relevant Persons and persons closely associated with them that, because of the role played in Class Editori, have access to confidential information that could imply significant changes in the financial and economic outlook of the Company and its subsidiaries and which, if disclosed, affect the price of its listed securities.

The Code relates to how to manage the information to be given when there is a purchase, sale, subscription or exchange of securities issued by Class Editori and carried out by Relevant Persons or Persons closely associated with them, as defined in the following articles. Under Article 1.2. F 152, paragraph 3, are excluded from this code:

• operations that do not reach the total amount of 5,000 Euros by the end of the year, calculated (i) as the sum of transactions on behalf of each Relevant Party and the operations carried out on behalf of persons closely associated with them, and, (ii) in the case of derivatives, with reference to the underlyingshares;
• transactions between the Relevant Persons and closely linked to it, the operations carried out by Class Editori and its subsidiaries.

More information about the Code of Conduct internal (internal dealing) are available by downloading the document in Acrobat format.