The public tender offer, whose acceptance period starts only following the publication of the relevant offer document, is promoted exclusively in Italy, as the Savings Shares are listed exclusively on the EXM – Euronext STAR segment, and is addressed, under equal conditions, to all shareholders holding Savings Shares.

The public tender offer has not been and will not be promoted or disseminated, directly or indirectly, in the United States of America, Canada, Japan and Australia, as well as in any other State in which the public tender offer is not permitted in the absence of authorisation by the competent authorities or other obligations by the Offeror or is in violation of local rules or regulations (the “Other Countries“), or by using means of communication or international trade (including, by way of example, the postal network, fax, telex, e-mail, telephone and internet) of the United States of America, Canada, Japan, Australia or of the Other Countries, or through any structure of any of the financial intermediaries of the United States of America, Canada, Japan, Australia or the Other Countries, or in any other way. A copy of the offer document, or portions thereof, as well as a copy of any document relating to the public tender offer, are not and must not be sent, nor in any way transmitted, or in any case distributed, directly or indirectly, in the United States of America, Canada, Japan, Australia or other countries. Anyone who receives the aforementioned documents must not distribute or send them (either by post or by any other means or instrument of communication or international trade) in the United States of America, Canada, Japan, Australia or other countries.

Any acceptance of the public tender offer resulting from solicitation activities carried out in violation of the above limitations will not be accepted.

The offer document, as well as any other document relating to the public tender offer, do not constitute and may not be interpreted as an offer of financial instruments addressed to parties domiciled and/or resident in the United States of America, Canada, Japan, Australia or other countries. No instrument may be offered or sold in the United States of America, Canada, Japan, Australia or in the Other Countries without specific authorisation in accordance with the applicable provisions of the local law of those states or of the Other Countries or in derogation from the same provisions.

Participation in the public tender offer by parties residing in countries other than Italy may be subject to specific obligations or restrictions provided for by legal or regulatory provisions. It is the sole responsibility of the recipients of the public tender offer to comply with these rules and, therefore, before joining the public tender offer, to verify their existence and applicability, by contacting their advisors.

Any acceptance of the public tender offer carried out in violation of the above limitations will not be accepted. Any person wishing to inspect the offer document and further documentation relating to the public tender offer must read the foregoing carefully and represent and warrant that (i) he or she has read, fully understands and agrees to comply with all of the foregoing limitations, and (ii) he or she is not located in and is not a resident of and/or domiciled in the United States of America, Canada, Japan, Australia or the Other Countries.