IPO

Terms and Conditions

In order to gain access to this website, the Prospectus and to any of the other information contained in the following pages, it is necessary to read and accept the briefing set out below, which the reader must carefully consider before reading, accessing or using in any way whatsoever the information thus provided.

By accessing this website, you accept that you are subject to the terms and conditions set out below, which may be changed or updated and which must therefore be carefully read in full each time you access this website. This website, the Prospectus and any other information contained in the following pages is accessible only to persons who: are resident in Italy and who are neither domiciled in nor in any case presently located in the United States of America, Australia, Japan, Canada or in any other country in which the circulation of this information requires approval by the competent local authority or is in violation of local legislation or regulations (other Countries); are not U.S. Persons according to the definition contained within Regulation S of the United States Securities Act of 1933, with subsequent modifications. All U.S. Persons in the sense stated above are barred in advance from any opportunity to access this website or download the Prospectus or any other information contained in the following pages. The information contained in the following pages may not be copied or forwarded. On no grounds and under no circumstances is it permitted to cause the Prospectus or any other information contained in the following pages to be circulated either directly or indirectly outside Italy, with particular reference to the United States, Australia, Japan, Canada or Other Countries, or to distribute the Prospectus to persons who are not resident in Italy. Regulation S of the United States Securities Act of 1933, with its subsequent modifications, defines as a U.S. Person:

• (1) any person physically residing in the United States;
• (2) “partnerships” and “corporations” constituted and organized according to applicable U.S. legislation;
• (3) any property whose administrators or managers include a “U.S. Person”;
• (4) trusts, of which a trustee is a “U.S. Person”;
• (5) any agency, subsidiary or branch of a body whose registered offices are in the United States;
• (6) non-discretionary accounts;
• (7) other similar accounts (excluding properties or trusts), managed or administered on behalf of or to the benefit of a “U.S. Person”;
• (8) partnerships and corporations, if they have been (A) constituted and organized according to the legislation of any foreign jurisdiction; and (B) constituted by a “U.S. Person” with the main objective of investing in unregistered stocks as defined by the United States Securities Act of 1933, as subsequently modified, unless they have been constituted or organized by and are owned by accredited investors (according to the definition given in Rule 501(a) of the United States Securities Act of 1933) who are not natural persons, properties or trusts.

In order to be able to access this website, the Prospectus and any other information contained in the following pages, I declare at my own full liability that I reside in Italy and that I am neither domiciled in nor am I currently located in the United States of America, Australia, Japan, Canada or in Other Countries, and that I am not a U.S. Person” as defined under Regulation S of the United States Securities Act of 1933, with its subsequent modifications.