Bonds and Certificates

The following information is only accessible to individuals who: (a) Are resident in Italy and are not domiciled, or are currently present, in the United States of America or elsewhere (other than in Italy), and (b) Are not “US Persons” according to the definition contained in Regulation S of the 1933 United States Securities Act as subsequently amended. Those individuals indicated in points (a) and (b) above cannot access or download the Offer Document, or any other information pertaining to the Offer, via this website. For no reason, and under no circumstances, may the Prospectus, or any other informational document pertaining to the Offer, be allowed to circulate, either directly or through third parties, outside of Italy, and in particular in the United States of America, Australia, Japan or Canada; nor may the Offer Document, or any other informational document pertaining to the Offer, be distributed to persons not resident in Italy. The Offer shall be made exclusively to the general public in Italy, and not to any international market, with the specific, but not exhaustive, exclusion of any offer, or invitation to bid, or promotional activity regarding the Financial Instruments, in the United States of America, Canada, Australia, Japan or any other country in which such acts are not permitted unless accompanied by specific exemptions or authorizations from the appointed authorities (the “Other Countries”). The Offer shall not be valid in the United States of America, nor shall it be made to any US citizen or individual resident in the United States of America, or to any individual from whom tax is due in the United States of America, and the documents pertaining to the Offer may not be distributed in the United States of America. The Financial Instruments constituting the object of the Offer have not been, nor shall be, registered in accordance with the 1933 United States Securities Act as subsequently amended, or in accordance with any financial regulation or law in force in any of the States within the United States of America. Nor has the Securities and Exchange Commission (SEC) or any other supervisory body in the United States, approved or withheld approval of the issue and/or the Offer of the Financial Instruments, or has ruled on the accuracy or inaccuracy of the Prospectus and/or the Final Conditions. In accordance with the provisions of the “United States Commodity Exchange Act”, trading of the Financial Instruments is not authorized by the United States Commodity Futures Trading Commission (“CFTC”). The Financial Instruments have not been, nor shall be, registered in accordance with the provisions of the law governing Financial Instruments in Canada, Japan, Australia or in the Other Countries. Thus those persons who although at the time of participation, are resident in Italy, are nevertheless considered “US Persons” or residents of Other Countries by the U.S. Securities Law or by other local regulations or laws, may not participate in the Offer.

The following information is only accessible to individuals who: (a) Are resident in Italy and are not domiciled, or are currently present, in the United States of America or elsewhere (other than in Italy), and (b) Are not “US Persons” according to the definition contained in Regulation S of the 1933 United States Securities Act as subsequently amended. Those individuals indicated in points (a) and (b) above cannot access or download the Offer Document, or any other information pertaining to the Offer, via this website. For no reason, and under no circumstances, may the Prospectus, or any other informational document pertaining to the Offer, be allowed to circulate, either directly or through third parties, outside of Italy, and in particular in the United States of America, Australia, Japan or Canada; nor may the Offer Document, or any other informational document pertaining to the Offer, be distributed to persons not resident in Italy. The Offer shall be made exclusively to the general public in Italy, and not to any international market, with the specific, but not exhaustive, exclusion of any offer, or invitation to bid, or promotional activity regarding the Financial Instruments, in the United States of America, Canada, Australia, Japan or any other country in which such acts are not permitted unless accompanied by specific exemptions or authorizations from the appointed authorities (the “Other Countries”). The Offer shall not be valid in the United States of America, nor shall it be made to any US citizen or individual resident in the United States of America, or to any individual from whom tax is due in the United States of America, and the documents pertaining to the Offer may not be distributed in the United States of America. The Financial Instruments constituting the object of the Offer have not been, nor shall be, registered in accordance with the 1933 United States Securities Act as subsequently amended, or in accordance with any financial regulation or law in force in any of the States within the United States of America. Nor has the Securities and Exchange Commission (SEC) or any other supervisory body in the United States, approved or withheld approval of the issue and/or the Offer of the Financial Instruments, or has ruled on the accuracy or inaccuracy of the Prospectus and/or the Final Conditions. In accordance with the provisions of the “United States Commodity Exchange Act”, trading of the Financial Instruments is not authorized by the United States Commodity Futures Trading Commission (“CFTC”). The Financial Instruments have not been, nor shall be, registered in accordance with the provisions of the law governing Financial Instruments in Canada, Japan, Australia or in the Other Countries. Thus those persons who although at the time of participation, are resident in Italy, are nevertheless considered “US Persons” or residents of Other Countries by the U.S. Securities Law or by other local regulations or laws, may not participate in the Offer.

The following information is only accessible to individuals who: (a) Are resident in Italy and are not domiciled, or are currently present, in the United States of America or elsewhere (other than in Italy), and (b) Are not “US Persons” according to the definition contained in Regulation S of the 1933 United States Securities Act as subsequently amended. Those individuals indicated in points (a) and (b) above cannot access or download the Offer Document, or any other information pertaining to the Offer, via this website. For no reason, and under no circumstances, may the Prospectus, or any other informational document pertaining to the Offer, be allowed to circulate, either directly or through third parties, outside of Italy, and in particular in the United States of America, Australia, Japan or Canada; nor may the Offer Document, or any other informational document pertaining to the Offer, be distributed to persons not resident in Italy. The Offer shall be made exclusively to the general public in Italy, and not to any international market, with the specific, but not exhaustive, exclusion of any offer, or invitation to bid, or promotional activity regarding the Financial Instruments, in the United States of America, Canada, Australia, Japan or any other country in which such acts are not permitted unless accompanied by specific exemptions or authorizations from the appointed authorities (the “Other Countries”). The Offer shall not be valid in the United States of America, nor shall it be made to any US citizen or individual resident in the United States of America, or to any individual from whom tax is due in the United States of America, and the documents pertaining to the Offer may not be distributed in the United States of America. The Financial Instruments constituting the object of the Offer have not been, nor shall be, registered in accordance with the 1933 United States Securities Act as subsequently amended, or in accordance with any financial regulation or law in force in any of the States within the United States of America. Nor has the Securities and Exchange Commission (SEC) or any other supervisory body in the United States, approved or withheld approval of the issue and/or the Offer of the Financial Instruments, or has ruled on the accuracy or inaccuracy of the Prospectus and/or the Final Conditions. In accordance with the provisions of the “United States Commodity Exchange Act”, trading of the Financial Instruments is not authorized by the United States Commodity Futures Trading Commission (“CFTC”). The Financial Instruments have not been, nor shall be, registered in accordance with the provisions of the law governing Financial Instruments in Canada, Japan, Australia or in the Other Countries. Thus those persons who although at the time of participation, are resident in Italy, are nevertheless considered “US Persons” or residents of Other Countries by the U.S. Securities Law or by other local regulations or laws, may not participate in the Offer.

The following information is only accessible to individuals who: (a) Are resident in Italy and are not domiciled, or are currently present, in the United States of America or elsewhere (other than in Italy), and (b) Are not “US Persons” according to the definition contained in Regulation S of the 1933 United States Securities Act as subsequently amended. Those individuals indicated in points (a) and (b) above cannot access or download the Offer Document, or any other information pertaining to the Offer, via this website. For no reason, and under no circumstances, may the Prospectus, or any other informational document pertaining to the Offer, be allowed to circulate, either directly or through third parties, outside of Italy, and in particular in the United States of America, Australia, Japan or Canada; nor may the Offer Document, or any other informational document pertaining to the Offer, be distributed to persons not resident in Italy. The Offer shall be made exclusively to the general public in Italy, and not to any international market, with the specific, but not exhaustive, exclusion of any offer, or invitation to bid, or promotional activity regarding the Financial Instruments, in the United States of America, Canada, Australia, Japan or any other country in which such acts are not permitted unless accompanied by specific exemptions or authorizations from the appointed authorities (the “Other Countries”). The Offer shall not be valid in the United States of America, nor shall it be made to any US citizen or individual resident in the United States of America, or to any individual from whom tax is due in the United States of America, and the documents pertaining to the Offer may not be distributed in the United States of America. The Financial Instruments constituting the object of the Offer have not been, nor shall be, registered in accordance with the 1933 United States Securities Act as subsequently amended, or in accordance with any financial regulation or law in force in any of the States within the United States of America. Nor has the Securities and Exchange Commission (SEC) or any other supervisory body in the United States, approved or withheld approval of the issue and/or the Offer of the Financial Instruments, or has ruled on the accuracy or inaccuracy of the Prospectus and/or the Final Conditions. In accordance with the provisions of the “United States Commodity Exchange Act”, trading of the Financial Instruments is not authorized by the United States Commodity Futures Trading Commission (“CFTC”). The Financial Instruments have not been, nor shall be, registered in accordance with the provisions of the law governing Financial Instruments in Canada, Japan, Australia or in the Other Countries. Thus those persons who although at the time of participation, are resident in Italy, are nevertheless considered “US Persons” or residents of Other Countries by the U.S. Securities Law or by other local regulations or laws, may not participate in the Offer.

The following information is only accessible to individuals who: (a) Are resident in Italy and are not domiciled, or are currently present, in the United States of America or elsewhere (other than in Italy), and (b) Are not “US Persons” according to the definition contained in Regulation S of the 1933 United States Securities Act as subsequently amended. Those individuals indicated in points (a) and (b) above cannot access or download the Offer Document, or any other information pertaining to the Offer, via this website. For no reason, and under no circumstances, may the Prospectus, or any other informational document pertaining to the Offer, be allowed to circulate, either directly or through third parties, outside of Italy, and in particular in the United States of America, Australia, Japan or Canada; nor may the Offer Document, or any other informational document pertaining to the Offer, be distributed to persons not resident in Italy. The Offer shall be made exclusively to the general public in Italy, and not to any international market, with the specific, but not exhaustive, exclusion of any offer, or invitation to bid, or promotional activity regarding the Financial Instruments, in the United States of America, Canada, Australia, Japan or any other country in which such acts are not permitted unless accompanied by specific exemptions or authorizations from the appointed authorities (the “Other Countries”). The Offer shall not be valid in the United States of America, nor shall it be made to any US citizen or individual resident in the United States of America, or to any individual from whom tax is due in the United States of America, and the documents pertaining to the Offer may not be distributed in the United States of America. The Financial Instruments constituting the object of the Offer have not been, nor shall be, registered in accordance with the 1933 United States Securities Act as subsequently amended, or in accordance with any financial regulation or law in force in any of the States within the United States of America. Nor has the Securities and Exchange Commission (SEC) or any other supervisory body in the United States, approved or withheld approval of the issue and/or the Offer of the Financial Instruments, or has ruled on the accuracy or inaccuracy of the Prospectus and/or the Final Conditions. In accordance with the provisions of the “United States Commodity Exchange Act”, trading of the Financial Instruments is not authorized by the United States Commodity Futures Trading Commission (“CFTC”). The Financial Instruments have not been, nor shall be, registered in accordance with the provisions of the law governing Financial Instruments in Canada, Japan, Australia or in the Other Countries. Thus those persons who although at the time of participation, are resident in Italy, are nevertheless considered “US Persons” or residents of Other Countries by the U.S. Securities Law or by other local regulations or laws, may not participate in the Offer.