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The information provided on the following pages does not constitute an offer for sale of financial products in the United States of America, Canada, Australia or Japan or any other jurisdiction where such offer or sale is prohibited and may not be directly or indirectly published or distributed in such jurisdictions.

The financial products referred to on the following pages have not been and will not be registered pursuant to the 1933 Securities Act of the United States of America, as subsequently amended; the said products may not be offered or sold in the United States of America without registration or an applicable exemption from registration requirements.

The information provided on the following pages does not constitute a public offering of financial products in Italy within the meaning set forth by article 1, paragraph 1.t of legislative decree no. 58 dated 24 February 1998.

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