Admission Document Disclaimer

The admission document published in this section of the website (“Admission Document”) was drafted in compliance with the issuers’ regulation of the AIM Italia/Mercato Alternativo del Capitale (“AIM Issuers’ Regulation”) for the purpose of the admission of the ordinary shares and the convertible bonds of Piteco S.p.A. on that multilateral trading facility organised and managed by Borsa Italiana S.p.A..

The issue of financial instruments contemplated in the Admission Document and all other information provided on the following pages do not constitute a “public offer” as defined in Italian Legislative Decree no. 58 of 24 February 1998 (“TUF”) and therefore the preparation of a prospectus according to the schemes set forth in Regulation 809/2004/EC is not required.

As a result, the Admission Document is not a prospectus and its publication does not need to be authorised by Consob pursuant to EC Directive no. 2003/71/EC or any other regulation or standard governing the drafting and publication of prospectuses pursuant to articles 94 and 113 of the TUF, including the issuers’ regulation adopted by Consob with resolution no. 11971 of 14 May 1999, as amended.

This section of the website, the Admission Document and all other information provided on the following pages are accessible only to parties which: (i) are residents of Italy and are not domiciled or in any event currently in the United States of America, Australia, Japan or Canada or any other country in which the distribution of the Admission Document and/or such information requires the approval of the competent local Authorities or is in violation of local standards or regulations (“Other Countries”); and (ii) are not “U.S. Persons” according to the definition laid out in Regulation S of the United States Securities Act of 1933, as amended, or parties acting on their behalf or for their benefit without the existence of a dedicated registration or

a specific exemption from the registration required pursuant to the United States Securities Act and regulations in force.

“U.S. Persons” in the sense specified above are precluded from any possibility to access this section of the website, download, store and/or temporarily or permanently save the Admission Document and any other information provided in this section of the website.  The information provided in this section of the website cannot be copied or forwarded.

The Admission Document and any other information provided in this section of the website cannot be circulated, directly or through third parties, for any reason whatsoever and in any circumstance, to parties that are in the conditions pursuant to points (i) and (ii) above and in particular in the United States, Australia, Japan, Canada or the Other Countries.

Regulation S of the United States Securities Act of 1933, as amended, defines as a U.S. Person: (a) any natural person resident in the United States; (b) any partnership or corporation organised or incorporated under the laws of the United States; (c) any estate of which any executor or administrator is a U.S. Person; (d) any trust of which any trustee is a U.S. Person; (e) any agency or branch of a foreign entity located in the United States; (f) any non-discretionary account; (g) other similar accounts (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person; (h) any partnership or corporation if: (i) organised or incorporated under the laws of any foreign jurisdiction; and (ii) formed by a U.S. Person principally for the purpose of investing in securities not registered under the United States Securities Act of 1933, as amended, unless it is organised or incorporated, and owned, by accredited investors (as defined in Rule 501(a) of the United States Securities Act of 1933) who are not natural persons, estates or trusts.

To access this section of the website, the Admission Document and any other information provided on the following pages, I declare under my own full responsibility that I am a resident of Italy and that I am not domiciled or currently in the United States of America, Australia, Japan, Canada or the Other Countries and that I am not a “U.S. Person” as defined in Regulation S of the United States Securities Act of 1933, as amended.

I HAVE READ AND ACCEPT THE CONDITIONS ABOVE