On 27 April 2012 the Board of Directors received the authorization by the General Shareholders’ Meeting to buyback the company own shares  for a maximum of 30,000 for a period of eighteen months and with a maximum disbursement limit of euro 50,000,000. The unit price of each individual purchase of shares shall not be more than 10% higher or lower than the official price recorded in trading on the Stock Exchange on the day before the purchase is carried out or the price is fixed.
In the opinion of the Board of Directors the reasons for the buyback of the company’s own shares are the following:

• The possibility of acquiring shares of the Company at prices below their actual value based on the real economic value of its equity and its income generating  prospects, thus raising the value of the Company
• The possibility of reducing the average cost of capital of the Company

The buyback  of own shares is not intended  to reduce the capital of the company although this cannot be ruled out in absolute terms and will be evaluated when doing so may represent and opportunity for the creation of value.

In the event of buybacks, CIR informs the market on a weekly disclosure basis of any transactions completed.

On 30 June 2012  CIR is holding a total of 49,989,000 of its own shares, equal to approximately 6.3% of its share capital.