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Monte Titoli Fee schedule for Issuer services
In force fromJanuary December 20164
Contents
1.0 Centralization service 2
1.1 Bonds, similar financial instruments and commercial papers centralization 2 1.2 Equities and similar financial instruments centralization 3
2.0 RCC – Cash settlement of clients’ fees 7
2.1 Fees applied to issuers participating in RCC with MT-X facilities 7 2.2 Fees applied to issuers participating in RCC with no MT-X facilities. 7
3.0 Fees applicable to all services 8
4.0 MT-X workstation 9
5.0 Explanatory note 10
5.1 Fee applicable to all services 10
JanuaryDecember 20164
DecemberJanuary 20164
2
1.0 Centralization service
Centralization service fees depend on the kind of financial instrument:
• bonds, certificates of deposit, similar financial instruments and commercial papers
• equities, warrants, funds and similar financial instruments
1.1 Bonds, similar financial instruments and commercial papers centralization
Fees are applied to all bonds, depository certificates, similar financial instruments and commercial papers booked in the
centralized system both in materialized and dematerialized form.
Bonds, similar financial instruments and commercial papers fees are divided in:
1. Participation fee
2. Financial instruments admission fee.
1.1.1 Participation fee
This fee is connected to:
• contract management
• issuer Account and support activities management
• end of day account reconciliation and real time operations reporting
• compliance activities (in relation to Monte Titoli’s competence)
Participation fee is displayed in the following table:
The fee is semiannual and is invoiced at the start of each semester (January and July).
If an issuer applies during the semester the participation fee is invoiced pro-rata (from the application month to the end
of the concurrent semester).
The fee isn’t connected to the number of issued financial instruments and is applied even in case of account crediting
failure.
1.1.2 Financial instruments admission fee
This fee is connected to the following activities:
• consultancy and preliminary investigation on new financial instruments issuing eligibility
• financial instruments census, registry information updating and dynamic data management
• account invoicing
• interests payment and capital reimbursement until the end of the instrument operative life
The fee is invoiced only one time for each financial instrument admitted to the system: it is computed in a regressive
way connected to the number of issuing operation performed by each single issuer in the solar year.
EUR Invoicing Code
Issuer Membership 750.00 BI0001
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The following table describes the fee computation technique:
The fee is applied to the issued financial instruments even in case of account crediting failure.
1.2 Equities and similar financial instruments centralization
Fees are applied to all issuers of equities, warrants, funds or similar financial instruments when those instruments
booked in the centralization system both in materialized and dematerialized form.
Equities and similar financial instruments fees are divided in:
1. Participation fee
2. Corporate Actions fee.
1.2.1 Participation fee
This fee is connected to the following activities:
• contract management;
• issuer account and support activities management;
• end of day account reconciliation and real time operations reporting;
• financial instruments admission and centralization in the system;
• financial instruments census, registry information updating and dynamic data management;
• management of the activities related to the annual shareholder meetings for balance sheet approval;
• compliance activities (in relation to Monte Titoli’s competence).
This fee invoicing starts from the month in which the issuer opens the contractual relationship with Monte Titoli.
The fee is semiannual and is invoiced at the start of each semester (January and July).
If an issuer applies during the semester the participation fee is invoiced pro-rata (from the application month to the end
of the concurrent semester).
The fee isn’t connected to issued financial instruments number and is applied even in case of account crediting failure.
Companies admitted to the AIM market benefit of a 20% participation fee reduction.
This fee varies in relation to the issuer kind:
• it’s connected to market capitalization for companies issuing shares listed on the Borsa Italiana markets (with
capital represented by ordinary shares, saving shares, etc.)
• it’s flat for companies which are not listed.
EUR Invoicing Code
Number of issuing operations during the year One off-fee
From To
1 5 450.00
BI0002
6 10 250.00
11 25 125.00
26 50 25.00
51 100 10.00
101 above 5.00
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1.2.1.1 Listed Companies Participation fee
For companies issuing shares listed on the Borsa Italiana markets the fee is computed on a market capitalization base.
Market capitalization is computed using two alternative ways (see table):
Market Capitalization Computation base Invoicing
First listing First listing/admission Borsa Italiana “Admission to
listing fees”
Anticipated, at the end of admission month, computed pro rata from the listing
/admission month until the semester end
Already listed Last semester average Borsa Italiana “Admission to
listing fees” Anticipated, semiannual, at January and
July of each year
The participation fee is computed using a sliding scale model with a minimum and maximum value in the way indicated
in the following table:
For example, if the initial capitalization of a listed company is equal to 6,500,000,000 € the computation is as follows:
In case of a company at its first listing/admission the 20th of April, the participation fee is invoiced the 30th of April, has
a value of 2,325€ (equal to 3 months) computed as follows:
{[(5,000,000,000/1,000,000,000) x 750.00 € +[(6,500,000,000– 5,000,000,000)/1,000,000,000)]x 600.00 €] /6} *3= 2,325
€.
In case of an already listed/admitted company, the semiannual participation fee is equal to 4650 €, computed as follows:
(5,000,000,000/1,000,000,000) x 750.00 € + [(6,500,000,000– 5,000,000,000) /1,000,000,000] x 600.00 € = 4,650.00 €.
Semiannual fee (EUR) Invoicing Code
Capitalization For each 1.000.000.000 of
capitalization
From To
0 5,000,000,000 750.00
AM0001
5,000,000,001 10,000,000,000 600.00
10,000,000,001 above 500.00
Minimum fee 750.00
Maximum fee 50,000.00
DecemberJanuary 20164
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1.2.1.2 Participation fee for non listed companies
For companies issuing shares which are not listed or issuing warrants, funds and similar instruments a flat fee is
applied:
1.2.2 Corporate Actions fee
Monte Titoli applies corporate action fee to issuers according to the operations managed.
Corporate Actions Fees are based on two main components:
• a variable fee
• a fixed fee
The fixed fees are setup in order to recover costs incurred by Monte Titoli for:
• management of the assignment/mandate of the workflow on IT platform;
• issuance of service notices and updates;
• transaction reporting (securities, interim securities, cash settlement, etc.) and updates;
• standard operational assistance to the issuer through every stage of the transaction.
This fees are fixed and applied to any single operation.
The variable fee is connected to the activities implemented by Monte Titoli on the accounts of the participants which are
part of the operation.
This fee is therefore applied on the base of the number of intermediation accounts which are involved in the operation,
with a maximum of 400 accounts.
For example, the free capital increase of a company that involves 280 intermediary accounts, the calculation is as
follows:
Fixed fee+ (variable fee x number of accounts)
400 + (30 x 280) = € 8,800.00
Please in order to correctly compute this fees consider that:
EUR Invoicing Code
Participation Fee 600.00 AM0002
EUR Invoicing code
Fixed fee Variable fee Fixed fee Variable fee
Merger/ Spin off 1,000.00 60.00 FF0001 FV0001
Capital Increase ad warrant exercise 500.00 50.00 FF0002 FV0002
Free Capital Increase 400.00 30.00 FF0003 FV0003
Dividend 400.00 20.00 FF0004 FV0004
Free corporate action 300.00 20.00 FF0005 FV0005
Shareholder’s identification 250.00 0.00 FF0006 FV0006
General shareholders meeting – different from the annual ones for balance sheet approval-
250.00 0.00 FF0007 FV0007
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• in case of corporate actions on the same value date, on more than one financial instrument, a fixed fee is
debited to issuers only once, independently of the number and the type of securities involved;
• account screening finalized to define the variable fee and the CAP is based on the sum of accounts
movements for each kind of title, excluded rights;
• for continuously managed operations (warrant exercise and conversion) the issuer is debited a fixed annual
fee at the start of every solar year. A similar fee is debited at the start and at the end of every operation and
invoiced in the relative month, while the variable fee is applied to every execution;
• in case of payment of previous dividends the fixed fee is not debited to the issuer while the variable one is
applied to each execution;
• companies admitted to the AIM market benefit from a 20% fee reduction;
• no variable fee is debited for Shareholder Identification and Shareholder Meetings operation.
Fees are applied at the end of the month in which the relative operations take place.
The corporate actions fees1 not explicitly mentioned in this document (e.g.: the merger between an Italian and another
country company) will be evaluated by Monte Titoli in light of the complexity and operative risk associated and will be
object of a specified commercial offering.
1.2.3 Share with increased voting rights
The annual fee includes the securities admission of increased voting rights shares, its management and reports on. The
annual fee is entirely payed in January: in case instruments are admitted during the years the annual fee is debited with
reference to the month the shares are admitted.
1 For example, the merger between an Italian and a foreign company
Annual fee (€e) Invoicing code
Annual fee for management of increased voting shares 3,000.00 SA0106
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2.0 RCC – Cash settlement of clients’ fees
RCC is the service offered via MT-X, Monte Titoli’s web application, for the calculation, reporting and cash settlement of
fees to be paid by the issuers to intermediaries relating to the intermediaries’ activity for corporate events. Fees are
calculated based upon the fee structure agreed by issuers and intermediaries and available at www.montetitoli.it.
RCC Service implies a series of fees.
2.1 Fees applied to issuers participating in RCC with MT-X facilities
The following fees apply for the calculation, reporting, adjustment and cash settlement of accrued fees on each
intermediary’s securities account.
For each corporate event:
2.2 Fees applied to issuers participating in RCC with no MT-X facilities.
The following fees apply for the calculation, and cash settlement of accrued fees on each intermediary’s securities
account.
For each corporate event:
2 For continuously managed operations the fee is applied for each execution
3 For continuously managed operations the fee is applied for each execution
EUR Invoicing Code
Payment of dividend and other corporate action2
(for special operations continuously implemented the fee is applied for each execution)
9.00 RC0014
Shareholder meeting and shareholders identification 5.00 RC0015
EUR Invoicing code
Payment of dividend and other corporate actions3
(for special operations continuously implemented the fee is applied for each execution)
6.00 RC0016
Shareholder meeting and Shareholders identification 3.50 RC0017
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3.0 Fees applicable to all services
4 Same fee applies to electronic documents (e-mail and electronic file -i.e. floppy disk-)
5 The request must be received in written form, even via e-mail
6 The request must be received in written form, even via e-mail
EUR Invoicing Code
Partecipation profile management (CLIMP) 350.00 SA0107
Partecipation profile management – urgent (CLIMP) 1,500.00 SA0108
Paper duplicate (invoices, contracts and related annexes, service disposals, etc.) requested by the issuer
4
20.00 SA0084
Request of dispatch optical or magnetic supports where the corresponding electronic function is available; this fee covers Monte Titoli’s processing and invoicing expenses
15.00 SA0086
Contribution for administrative processing applies to each instruction sent to Monte Titoli in paper format where a corresponding telematic message exists
50.00 SA0094
Enquiry implying5 an administrative and/or IT intervention that requiring
the consultation of paper or information systems archives 100.00 CR0001
Enquiry implying6 an administrative and/or IT intervention that requiring
data extracting and processing (administrative and/or IT) 200.00 CR0002
Additional fee for the management of mandates/communications sent over the expected deadline
500.00 SA0103
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4.0 MT-X workstation
Monte Titoli provides participants access to MT-X (Monte Titoli’s Internet Communication System), the proprietary Web-
based platform focused on knowledge and document management, which enables customers to send and receive
through a secure system:
- all messages available via the other electronic networks used by Monte Titoli's System (RNI, SWIFT)
- specific custody management messages not available through any other electronic network used by Monte
Titoli's System
- specific messages relating to value added services
in the framework of a safe and efficient network with the possibility of a high level of profile customization.
The MT-X platform can be used as a back-up channel for other commonly used networks (RNI or SWIFT) or as main
channel to send and receive instructions from and to Monte Titoli.
MT-X can even represent an effective channel, or an alternative to the other networks, to receive the operative
informative document which is issued by Monte Titoli.
Each workstation providing access to MT-X is charged an annual fee as specified in the following tables:
• First Workstation:
• Additional Workstations:
If the participant asks to access MT-X through workstations with network sharing methods, possibly implying hardware
and/or software ad hoc installations, Monte Titoli informs the participant about installation and maintenance conditions
with a specific quotation.
EUR Invoicing Code
Annual fee 85.00 MX0029
EUR Invoicing Code
Annual fee
145.00 MX0009
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5.0 Terms and payment methodsExplanatory note
If not otherwise indicated fees are computed and invoiced monthly on the base of the volumes of each voice in that
month and debited with value date the last day of the month following the invoicing.
Admission fees for securitization companies are invoiced on a postponed semiannual base.
Invoices are denominated and debited in Euro and follow the VAT legislation in force.
Invoiced fees are not reimbursable if the participant recedes before the term of the reference period.
The fees structure focus is on guaranteeing customers with a fast reconciliation process with the invoices issued by
Monte Titoli with the same invoicing codes.
5.1 Fee applicable to all services
The fee for the participation profile management (ordinary and urgent)is applied to the following set up and related changes in CLIMP:
• set up and changes of parties & accounts (static data)
• set up and changes of agent banks in T2S
In case of intervention according to the ordinary time and without any Monte Titoli extraordinary effort the fee is not debited.
For extraordinary intervention by Monte Titoli is meant, for example, the anticipation of the validity date in T2S of the BIC code assigned by Swift.