Investment in Italy

Contents1. Country overview 81.1 Transportation network 91.2 Snapshot of the Italian economy 111.2.1 Main macro-economic indicators for Italy: 2005-2010 111.2.2 Key industries overview 111.2.3 The roles of industrial clusters 141.2.4 Typical issues facing Italian medium-sized companies 151.3 Private investment in Italian companies 162. Incentives for investors 182.1 Overview 182.2 Main incentives offered by central government 192.2.1 Contratto di Programma 192.2.2 Localisation agreements 202.2.3 The National Programme for Research and Competitiveness 212.3 Main incentives offered by the regions 222.3.1 The ERDF Regional Programme 232.3.2 The ESF Regional Programme 233. Company law and regulatory background 243.1 Company law 243.1.1 General overview 243.1.2 Stock companies and limited liability companies 243.1.3 Corporate governance of listed companies 273.1.4 Branches 273.1.5 Liquidation 283.1.6 Group of companies 283.2 Regulatory background 293.2.1 Italian competition regulations 293.2.2 Securities offers and prospectus approval 30© 2012 KPMG S.p.A., KPMG Advisory S.p.A., KPMG Fides Servizi di Amministrazione S.p.A., KPMG Audit S.p.A., Italian limited liability share capital companies, and Studio Associato Consulenza legale e tributaria, anItalian professional partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.