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

The VTO 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 VTO is not permitted in the absence of authorization 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, telefax, 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 other documents relating to the VTO, 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 the Other Countries. Anyone who receives the aforementioned documents must not distribute or send them (either by post or by other means or instrument of communication or international trade) in the United States of America, Canada, Japan, Australia or in the Other Countries.

Any acceptance of the VTO 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 VTO, 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 in the Other Countries. No instruments may be offered or sold in the United States of America, Canada, Japan, Australia or in the Other Countries without specific authorization 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 VTO 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 VTO to comply with these rules and, therefore, before joining the VTO, to verify their existence and applicability, by contacting their advisors.

Any acceptance of the VTO carried out in violation of the above limitation will not be accepted. Any person wishing to inspect the offer document and further documentation relating to the VTO must read the foregoing carefully and represent and warrant that (i) he or she has read, fully understands and agrees to comply with all 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 in the Other Countries.