The Offer is being made exclusively in Italy, and is not being made in any other jurisdiction. In no circumstances whatsoever the circulation of the prospectus outside of Italy is permitted.

The Bonds have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or under the securities or "blue sky" laws of any state of the Unites States of America, nor under the securities laws of Canada, Australia, Japan or of any other country in which the offer, solicitation, or promotional activity in relation to the Bonds are not permitted absent an exemption or due authorization by a competent authority (collectively, the Other Countries) and, therefore, the Bonds may not be offered, sold or otherwise transferred, directly or indirectly, in the United States of America, Canada, Australia, Japan or in the Other Countries.

Any person subject to United States taxation who holds the Bonds will be subject to limitations under the United States income tax laws, including limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code. The offer is not being made in or into the United States or to any resident or citizen of the United States or any person or entity otherwise subject to United States taxation, or any "U.S. person" or "United States person" as defined in Regulation S under United States Securities Act and the United States Internal Revenue Code (each a U.S. person), and no information relating to the Offer may be transmitted within or into the United States.

ATTENTION: These statements constitute "self-certifications" pursuant to Italian Presidential Decree (D.p.R.) n. 445 dated December 28, 2000. False certifications may result in criminal liability.

I HEREBY REPRESENT AND WARRANT:

That I am located in Italy and that I am not, nor am I acting for the account or benefit of, aU.S. Person (as defined above), a citizen of the United States of America, Canada, Australia, Japan, or a person resident subject to taxation in any such country./

That I am not physically present or resident in the United States of America, Canada, Australia or Japan, and that I will not accept the Offer while within any of those countries./

That I have fully read and understood, and agree to comply with, the restrictions described above; and that I will not transmit into the United States of America, Canada, Australia or Japan any information relating to the Offer.

That I am, or that I am acting for the account or benefit of, aU.S. Person (as defined above), a citizen of the United States of America, Canada, Australia, Japan, or a person resident or subject to taxation in any such country./

That I am physically present or resident in the United States of America, Canada, Australia or Japan.