The Prospectus and the Summary can be viewed only by individuals who:

(a) who are resident in Italy, Belgium, France, Germany or Luxembourg and are neither domiciled nor currently present in the United States or elsewhere (other than Italy, Belgium, France, Germany or Luxembourg) and

(b) are not a "U.S. Person" according to the definition under Regulation S of the United States Securities Act of 1933, as subsequently amended. A "U.S. Person" as previously described, is prohibited from viewing and downloading the Prospectus and the Summary on this website.

The Prospectus and the Summary are not a bond offering outside of Italy, Belgium, Germany or Luxembourg.

Regulation S of the 1933 United States Securities Act, as subsequently amended, defines as "U.S. Person" (by way of example and with some exceptions that will not be mentioned hereinbelow):
• any natural person who is resident in the United States;
• partnerships and corporations established and organized under the law in force in the United States;
• any property whose administrators or managers can be defined as a "U.S. Person";
• trusts whose trustee is a "U.S. Person";
• an agency, affiliate or branch of an individual with offices in the United States;
• non-discretionay accounts and other similar contractual relations (except for properties or trusts), fiduciarily managed or administered on behalf of or for the benefit of a "U.S. Person";
• "discretionary accounts" and other similar contractual relations that are fiduciarily managed or administered by a manager or administrator established and organized, or (if a natural person) resident in the United States;
• partnerships and corporations that are established and organized under the laws of any foreign jurisdiction; and established by a "U.S. Person" with the main purpose of investing in shares that are not to be registered under the 1933 United States Securities Act as subsequently modified, except those that are established or organized and owned by an authorized investor (according to the definition contained in Rule 501(a) of the 1933 United States Securities Actl) who is not a natural person, a property or a trust.