The following Shares are to be excluded for the purposes of determining whether a person has an interest for purposes of Article (2-1-1) of this Module: 1. Shares held by an Investment Portfolio Manager within its activity in managing and keeping portfolios of its clients, provided that a person does not exercise voting rights attached to such shares, or can only exercise the voting rights attached to such Shares under instruction of the Client. 2. Shares held by a Market Maker acting in this capacity, subject to the percentage of such shares not being equal to or in excess of 10 % of the Listed Company’s Capital, provided that Market Maker does not intervene in the management of the company nor exert any influence on it to buy such Shares or back the share price.