The electronic version of the information memorandum and any other document relating to the ECP Program (in addition to the information contained therein) do not constitute a public offer of securities in Italy pursuant to Article 2(1)(d) of Regulation (EU) 2017/1129 or any applicable provision of Legislative Decree No. 58, 24 February 1998 and, as such, has not been submitted to CONSOB for approval.

In the Member States of the European Economic Area, this communication is exclusively directed to persons who are classified as “qualified investors” pursuant to Article 2(e) of Regulation (EU) 2017/1129.

In the United Kingdom, this communication is directed exclusively to persons classified as “qualified investors” pursuant to Regulation (EU) 2017/1129 as it forms part of domestic law under the European Union (Withdrawal) Act 2018 (the “United Kingdom Prospectus Regulations”). Moreover, this press release is exclusively directed to (i) persons with professional investment experience who are covered by Article 19(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended from time to time (the “Order”) or (ii) high net worth entities, and other persons to whom it may lawfully be disclosed, that fall within Section 49(2) of the Order or (iii) certified high net worth entities and certified and self-certified sophisticated investors as described in Sections 48, 50 and 50A respectively of the Order or (iv) persons to whom this press release may lawfully be otherwise communicated (all such persons collectively referred to as “relevant persons”). Any investment activity to which this notice relates will be available only to relevant persons and will be undertaken only with such persons. Anyone who is not a relevant person should not act upon or rely on this communication or any of its contents.