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Prospectus

The distribution of the information on this website may be prohibited or limited pursuant to the laws and regulations applicable in some countries. The information contained on this website does not constitute, nor is it part of, a sales offer or a solicitation or an offer to purchase in the United States, Canada, Australia, Japan or in any other country in which the dissemination of this information would require authorization from the local authorities or would violate local laws or regulations (the "Other Countries"). The financial instruments mentioned therein have not been and will not be registered pursuant to the U.S. Securities Act of 1933 as subsequently amended (the "Securities Act") or pursuant to the corresponding current regulations in the Other Countries and cannot be offered or sold in the United States or the Other Countries or for the benefit of "US persons" (as defined in the Securities Act) unless they are registered on the basis of exemptions applicable pursuant to the Securities Act or the corresponding current regulations in the Other Countries. No public offer of financial instruments will be made in the United States or in the Other Countries. The financial instruments relative to the offer are not and will not be registered pursuant to the Securities Act or similar regulations in force in the Other Countries. Any public offer will occur exclusively in Italy by means of a prospectus approved by CONSOB and published in accordance with the law.

Access to this website may be prohibited or limited pursuant to the regulations on financial instruments applicable in some countries. Subjects physically present in the United States may not access this site. Accessing the contents on this website implies acceptance and acknowledgement of the limitations mentioned above.

I AM PHYSICALLY PRESENT IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

I AM NOT PHYSICALLY PRESENT IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN (italian version only)