On April 11, 2025, following the favorable opinion of the Nomination Committee, the Board of Directors assessed, in compliance with the applicable provisions, that non-executive Director Ms. Doris Honold, appointed by the Shareholders’ Meeting on March 27, 2025, meets the suitability requirements.   With reference to the independence requirements, the Board of Directors assessed and confirmed that the Director possesses the requirements declared upon her appointment on the basis of the statements she made and of the information available to UniCredit.   Specifically, Director Ms. Doris Honold is independent pursuant to the Legislative Decree no. 58/1998 and Article 2399 of the Italian Civil Code, to the Ministry of Economy and Finance Decree no. 169/2020, as well as to the Italian Corporate Governance Code.   With specific reference to the independence requirements laid down by the Italian Corporate Governance Code, the information contemplated therein was taken into account - including the information relating to the existence of direct or indirect relationships (credit, business/professional and employee relationships, as well as significant offices held) that the Director and her other connected subjects may have with UniCredit and Group companies.   In order to assess the potential significance of these relationships, the Board decided to consider not only predefined economic thresholds, which - if exceeded - could "automatically" indicate that independence was compromised, but to make an overall assessment of both objective and subjective aspects. The following criteria were considered: (i) the nature and characteristics of the relationship; (ii) the total amount in absolute and relative terms of the transactions; and (iii) the subjective profile of the relationship.   More specifically, for the purposes of assessing the significance of such relationship, the Board considered the following information, where available: •        credit relations: the amount in absolute value of the credit granted, its weighting in relation to the system and, where appropriate, the economic and financial situation of the borrower; •        business/professional relations: the nature of the transaction/relationship, the amount of the consideration and, where appropriate, the economic and financial situation of the counterparty; •        offices held in Group companies: the total amount of any additional remuneration.   Following the above assessment, no relationships emerged affecting the independence of the Director.   In compliance with the provisions of the Bank of Italy Circular no. 285/2013 on banks’ corporate governance, the Board also positively assessed (i) the correspondence between the appointment of Director Ms. Honold and the qualitative and quantitative composition deemed to be optimal by the Board of Directors (identified in February 2024), as well as (ii) the compliance with the collective suitability requirements provided under the applicable provisions and the correspondence of said composition with the one deemed to be optimal.   Furthermore, following the favorable opinion of the Nomination Committee, the Board of Directors appointed Director Ms. Honold as member of the Risk Committee, in lieu of Director Ms. Francesca Tondi, who held said office starting from January 2025, following the resignation of Director Mr. Marcus Johannes Chromik.   Milan, 11 April 2025   Enquiries: Media Relations: mediarelations@unicredit.eu Investor Relations: investorrelations@unicredit.eu

  The academic research, presented at the Verona University, highlights systemic barriers to higher education access   UniCredit Foundation has unveiled “Beyond compulsory education in Europe”, a major academic study which sheds light on persistent educational inequalities across Europe. The research highlights that young people from lower socio-economic backgrounds remain significantly underrepresented in higher education, facing barriers such as financial constraints, limited guidance, and systemic educational tracking1. This study is part of UniCredit Foundation’s broader commitment to providing educational opportunities for the younger generation, with €28 million invested across Europe in 2024 alone.   The presentation of the study, held during the event “Equity in Education: from Secondary School to University in Europe”, organized in collaboration with the University of Verona, provided an important opportunity for dialogue between the student and academic community and representatives of local institutions and the business sector. At the heart of the discussion was the topic of equity in education, an issue that is becoming increasingly central to the public debate at both national and European level. In the presence of Andrea Orcel, CEO of UniCredit Group and Chairman of UniCredit Foundation, Pier Francesco Nocini, Rector of the University of Verona, and Giovanna Iannantuoni, President of the Conference of Italian University Rectors, the event served as a genuine call to action for institutions, businesses, and civil society to join forces and take concrete steps to address systemic educational inequalities.   At the EU level, policymakers aim to increase tertiary education attainment to 45% among 25–34-year-olds by 2030, yet structural inequalities remain a challenge. According to the report: Students from wealthier families in Europe are more likely to enter university than those from lower-income backgrounds​. In Italy, for example, more than 75% of children from households in the top quarter of the income distribution attend college, compared with less than 40% among those in the bottom-quarter Tracking systems significantly reduce the likelihood of vocational school students pursuing higher education​ In Mediterranean countries, university-dropout rates approach 50%, highlighting the difficulty of university completion, particularly for students​ from underserved communities A significant gender gap persists in STEM fields: while 33.6% of men choose STEM degrees, only 8.5% of women do. Women are much more likely to opt for humanities (37% vs. 17.9%)​   On the base of this evidence, UniCredit Foundation has launched in September 2024 a €1.5 million pilot initiative in Italy, called Uni.ON, providing 200 high school students - many from vocational tracks and low-income backgrounds - with preparatory support for university admission. Of these, 70 students will receive three-year scholarships of €5,000 per year, covering essential living costs and academic mentoring.   Andrea Orcel, Chairman of UniCredit Foundation and CEO of UniCredit Group, talking to the students said: “Europe has built a world-class education system, but access to higher education remains deeply unequal. Too many talented young people from disadvantaged backgrounds still face barriers that limit their potential and, in turn, perpetuate broader social inequalities. At UniCredit Foundation, we are committed to breaking down these barriers. Through research, collaboration, and targeted initiatives - such as our pilot program providing scholarships and mentorship in Italy - we aim to ensure that financial constraints do not stand in the way of academic success. Investing in education means investing in a fairer, stronger society for future generations”.   Policy Recommendations and Call to Action   The UniCredit Foundation’s research also proposes key policy solutions to improve university access and completion rates: Expanding bridging programs between vocational and academic education Reforming secondary school curricula to provide broader general education Introducing financial support mechanisms, such as Child Savings Accounts (CSAs), to help families plan for education costs​ Providing extra coaching and mentorship from universities to support students from underserved communities in navigating higher education and career choices, raising their aspirations and improving chances of attending university   Francesco Nocini, Rector of the University of Verona commented: “The University of Verona’s commitment to removing barriers to higher education has already delivered significant results. This is reflected in the substantial increase in its student population, which grew from 25,771 to 29,875 students in less than six years. The university’s efforts have focused on strengthening the right to education, expanding access to student housing, and improving services for students in more vulnerable situations. Thanks to a major financial investment, the no-tax area has been extended from an ISEE (Equivalent Economic Situation Indicator) threshold of €24,000 to €27,000, allowing around 13,000 students to be exempt from paying tuition fees. The number of beds available in student housing for out-of-town students has increased from 430 in 2021 to 540 today, with a target of reaching 670 by 2026. Furthermore, the number of students with disabilities and specific learning disorders receiving dedicated support services has risen from 376 in the 2020/21 academic year to 760 in 2023/24.”   These crucial issues were at the center of a round table discussion during the event, which brought together some of the Italy’s leading university rectors and education experts. The discussion reinforced the need for collaborative efforts between academia, businesses, and institutions to remove barriers to higher education and create a more inclusive system.   For more information to access the full report, click here.     1 Educational tracking refers to the practice of assigning students to different academic or vocational paths based on their performance, test scores, or school recommendations. While this approach varies across countries, it has a significant impact on a student’s chances of entering higher education. Research shows that vocational students are far less likely to attend university, making tracking a key factor in perpetuating reinforcing educational inequality. Unlike broader socio-economic challenges, tracking policies can be directly addressed by national governments through educational reforms.       Verona, 8 April 2025   Contact: Media Relations Email: mediarelations@unicredit.eu

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.    VOLUNTARY PUBLIC EXCHANGE OFFER LAUNCHED BY UNICREDIT S.P.A. ON ALL ORDINARY SHARES OF BANCO BPM S.P.A.   PRESS RELEASE   APPROVAL BY CONSOB AND PUBLICATION OF THE OFFER DOCUMENT AND PROSPECTUS   ACCEPTANCE PERIOD FROM 28 APRIL 2025 TO 23 JUNE 2025     Milan, 2 April 2025 - With reference to the voluntary public exchange offer for maximum 1,515,182,126 ordinary shares of Banco BPM S.p.A. (“BPM”), which was communicated on 25 November 2024 and was the subject of a subsequent press release on 13 December 2024 concerning the filing of the offer document (the “Offer Document”) with Consob (the “Public Exchange Offer”), it is notified that, on 1 April 2025 Consob approved, and today UniCredit filed with Consob and published:   -       the Offer Document relating to the Public Exchange Offer; and -       the registration document, the securities note and the summary note (together, the “Prospectus”) concerning the offer to the public of the ordinary shares resulting from the increase in the share capital of UniCredit S.p.A. (“UniCredit”) reserved to the Public Exchange Offer (the “Share Capital Increase for the Offer”), against payment and in a divisible form, without pre-emption rights pursuant to Article 2441, paragraph 4, of the Italian Civil Code, which was approved by the Board of Directors of UniCredit at its meeting of 30 March 2025 in execution of the powers granted to the Board at the extraordinary shareholders’ meeting of UniCredit on 27 March 2025, pursuant to Article 2443 of the Italian Civil Code.   Tender period: the tender period, agreed with Borsa Italiana S.p.A. pursuant to Article 40, paragraph 2, of Consob Regulation 11971/1999, as subsequently amended and supplemented (the “Issuers’ Regulation”), will start at 8:30 (Italian time) of 28 April 2025 and close at 17:30 (Italian time) of 23 June 2025 (first and last day included). The 23 June 2025 will, therefore, be the closing date of the Public Exchange Offer, unless the tender period is extended in accordance with applicable regulations.   Consideration: For each BPM share tendered in the Public Exchange Offer, UniCredit will offer a consideration represented by no. 0.175 newly issued UniCredit ordinary shares, with no nominal value, enjoying regular dividend rights and having the same characteristics as the ordinary shares of UniCredit already in circulation at the time of issuance, subject to the adjustments described in the Offer Document (the “Consideration”).   The Consideration will be paid at the payment date, that is on 1 July 2025 (unless the tender period is extended in accordance with applicable regulations).   The Offer Document and the Prospectus have been filed with Consob and are available for public consultation at: (i)             the registered office of UniCredit, in Milan, Piazza Gae Aulenti, no. 3, Tower A; (ii)            the registered office of the intermediaries appointed to coordinate the collection of acceptances, namely (a) as regards Equita SIM S.p.A., in Milan, via Filippo Turati, no. 9 and (b) as regards UniCredit Bank GmbH, Milan Branch, in Milan, Piazza Gae Aulenti, no. 4; (iii)          the registered office of the intermediaries appointed to collect the tenders (UniCredit Bank GmbH, Succursale di Milano, Equita SIM S.p.A., BANCA MONTE DEI PASCHI DI SIENA S.p.A., BNP Paribas, Succursale Italia, BPER BANCA S.p.A., CASSA DI RISPARMIO DI BOLZANO S.p.A.); (iv)          the UniCredit website www.unicreditgroup.eu; and (v)            the website of global information agent, Sodali S.p.A., https://transactions.sodali.com/. It is notified that BPM’s announcement as per Article 103, paragraph 3, of Legislative Decree no. 58/98 and Article 39 of the Issuers’ Regulation is not attached to the Offer Document. That announcement will be disclosed by BPM to the market in accordance with the terms and modalities established in Article 39 of the Issuers’ Regulation.    It should also be noted that for requests and information relating to the Public Exchange Offer, the holders of BPM shares can use a dedicated email account (ops.bancobpm@investor.sodali.com) or the toll-free number 800 126 3411 provided by the global information agent (for persons calling from Italy; for those calling from outside Italy, mobile or from abroad, the number available is +39 06 85870096) and WhatsApp number: +39 340 4029760.   These channels will be active for the entire duration of the Tender Period, on weekdays, from 9:00 a.m. (Central European Time) to 6:00 p.m. (Central European Time). The global information agent’s reference website is transactions.sodali.com.   The tender period referred to in this press release has not yet started and, therefore, this press release is published for information purposes only and does not constitute an offer to buy, or a solicitation to sell, securities.   Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu     * * *     THIS PRESS RELEASE DOES NOT CONSTITUTE THE EXTENSION OF AN OFFER TO ACQUIRE, PURCHASE, SUBSCRIBE FOR, SELL OR EXCHANGE (OR THE SOLICITATION OF AN OFFER TO ACQUIRE, PURCHASE, SUBSCRIBE FOR, SELL OR EXCHANGE), ANY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION AND ANY SUCH OFFER (OR SOLICITATION) MAY NOT BE EXTENDED IN ANY SUCH JURISDICTION.   The public voluntary exchange offer described in this press release (the “Offer”) will be promoted by UniCredit S.p.A. (the “Offeror” or “UniCredit”) over the totality of the ordinary shares of Banco BPM S.p.A. (“BPM”).   This press release does not constitute an offer to buy or sell BPM’s shares.   The Offer will be launched in Italy and will be made on a non-discriminatory basis and on equal terms to all shareholders of Banco BPM S.p.A.. The Offer will be promoted in Italy as BPM’s shares are listed on the Euronext Milan organised and managed by Borsa Italiana S.p.A. and, except for what is indicated below, is subject to the obligations and procedural requirements provided for by Italian law.   The Offer is not as of today being made in the United States (or will not be directed at U.S. Persons, as defined in Regulation S under the U.S. Securities Act of 1933, as subsequently amended (the “U.S. Securities Act”)), Canada, Japan, Australia or any other jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and any such offer (or solicitation) may not be extended in any such jurisdiction (“Other Countries”). The Offeror reserves the right to extend the Offer in the United States exclusively to certain professional investors who qualify as Qualified Institutional Buyers, as defined in Rule 144A under the U.S. Securities Act, by way of a private placement in compliance with United States federal laws and regulations concerning the offer of financial instruments and with United States laws concerning tender offers, insofar as applicable. Such potential extension of the Offer in the United States would occur by way of a separate offer document restricted to Qualified Institutional Buyers.   A copy of any document that the Offeror will issue in relation to the Offer, or portions thereof, is not and shall not be sent, nor in any way transmitted, or otherwise distributed, directly or indirectly, in the Other Countries.   Anyone receiving such documents shall not distribute, forward or send them (neither by postal service nor by using national or international instruments of communication or commerce) in the Other Countries.   Any tender in the Offer resulting from solicitation carried out in violation of the above restrictions will not be accepted. This press release and any other document issued by the Offeror in relation to the Offer do not constitute and are not part neither of an offer to buy or exchange, nor of a solicitation to offer to sell or exchange financial instruments in the United States or in the Other Countries. Financial instruments cannot be offered or sold in the United States unless they have been registered pursuant to the U.S. Securities Act, or are exempt from registration. Financial instruments offered in the context of the transaction described in this press release will not be registered pursuant to the U.S. Securities Act, and UniCredit does not intend to carry out a public offer of such financial instruments in the United States. No financial instrument can be offered or transferred in the Other Countries without specific approval in compliance with the relevant provisions applicable in such countries or without exemption from such provisions.   This press release may only be accessed in or from the United Kingdom who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 as forming part of United Kingdom law by virtue of 'European Union (Withdrawal) Act 2018, as amended, and who (i) have professional experience in investment matters under section 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Decree”); or (ii) are persons who have a high net worth and who fall within article 49(2)(a) - (d) of the Decree (the aforementioned subjects, jointly, the “Relevant Persons”). Any investment activity to which this document refers is available only to Relevant Persons.   Financial Instruments described in this press release are made available only to Relevant Persons (and any solicitation, offer, agreement to subscribe, purchase or otherwise acquire such financial instruments will be directed exclusively at such persons). Any person who is not a Relevant Person should not act or rely on this document or any of its contents.   Tendering in the Offer by persons residing in jurisdictions other than Italy may be subject to specific obligations or restrictions imposed by applicable legal or regulatory provisions of such jurisdictions. Recipients of the Offer are solely responsible for complying with such laws and, therefore, before tendering in the Offer, they are responsible for determining whether such laws exist and are applicable by relying on their own advisors. The Offeror does not accept any liability for any violation by any person of any of the above restrictions.  

  This is to inform you that the new Articles of Association, as amended in Article 6 by the Shareholders' Meeting of 27 March 2025 and by the  Board of Directors of 30 March 2025 - registered  in the Milan-Monza-Brianza-Lodi Trade and Companies Register, respectively, on 28 March and 31 March 2025  - have been published and are available on the Company's website www.unicreditgroup.eu/articles-association as well as on the website of the authorized storage mechanism "eMarket STORAGE" managed by Teleborsa S.r.l. (www.emarketstorage.it/en) and they are available to shareholders at the Company's Registered Office in Milan.    Milan, 31 March 2025         Enquiries: Investor Relations e mail: investorrelations@unicredit.eu Media Relations e mail: mediarelations@unicredit.eu

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.    VOLUNTARY PUBLIC EXCHANGE OFFER LAUNCHED BY UNICREDIT S.P.A. ON ALL ORDINARY SHARES OF BANCO BPM S.P.A.   PRESS RELEASE   Notice pursuant to Article 84 of the Issuers’ Regulation (adopted by Consob with Resolution No. 11971 of 14 May 1999, as subsequently amended) SHARE CAPITAL INCREASE RESERVED TO THE VOLUNTARY PUBLIC EXCHANGE OFFER LAUNCHED BY UNICREDIT S.P.A. FOR ALL THE ORDINARY SHARES OF BANCO BPM S.P.A.     Milan, 31 March 2025 – As anticipated in the press release of 30 March 2025, it is hereby announced that today the minutes of the Board of Directors of UniCredit S.p.A. (“UniCredit”) held on 30 March 2025 have been registered with the Companies’ Register of Milan Monza Brianza Lodi. The Board of Directors resolved, in execution of the delegation granted by the Extraordinary Shareholders’ Meeting held on 27 March 2025 (also registered in the aforementioned Register of Companies on 28 March 2025), the share capital increase against payment, reserved to the voluntary public exchange offer launched by UniCredit pursuant to and for the purposes of articles 102 and 106, paragraph 4, of the TUF (the “Offer”), concerning all the ordinary shares of Banco BPM S.p.A. (“BPM”).   The Board of Directors of UniCredit availed itself of the provisions set out in article 2343-ter, paragraph 2, letter b), of the Civil Code for the valuation of the BPM shares object of the contribution and for this purpose, on 24 February 2025 EY Advisory S.p.A. (“EY”) issued its valuation report on the BPM shares which has been made available to the public in view of the Shareholders’ Meeting of 27 March 2025.   UniCredit shareholders representing, as of the date of the resolution, at least one-twentieth of the share capital, in the amount before the increase, may exercise their right pursuant to article 2443, paragraph 4, of the Civil Code, within thirty days from the aforementioned registration. It is specified that the share capital of UniCredit, subscribed and paid-in, prior to the increase, amounts to Euro 21,453,835,025.48, and is divided into no. 1,557,675,176 ordinary shares without par value.   The relevant shareholders’ request, together with the certification attesting the ownership of the shareholding, shall be addressed to UniCredit by registered mail with return receipt to the Registered Office (with the express indication: "To the attention of Group Corporate Affairs & Shareholding") or, alternatively, by certified email to the address  corporate.law@pec.unicredit.eu. Pursuant to applicable regulations, the minutes of the meeting of the Board of Directors of UniCredit – which include, inter alia, the explanatory report of the Board of Directors of UniCredit as well as the valuation report prepared by EY – are available to the public at the Registered Office, through the authorized storage mechanism (www.emarketstorage.com) and on the website www.unicreditgroup.eu.   Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu     * * *     THIS PRESS RELEASE DOES NOT CONSTITUTE THE EXTENSION OF AN OFFER TO ACQUIRE, PURCHASE, SUBSCRIBE FOR, SELL OR EXCHANGE (OR THE SOLICITATION OF AN OFFER TO ACQUIRE, PURCHASE, SUBSCRIBE FOR, SELL OR EXCHANGE), ANY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION AND ANY SUCH OFFER (OR SOLICITATION) MAY NOT BE EXTENDED IN ANY SUCH JURISDICTION.   The public voluntary exchange offer described in this press release (the “Offer”) will be promoted by UniCredit S.p.A. (the “Offeror” or “UniCredit”) over the totality of the ordinary shares of Banco BPM S.p.A. (“BPM”).   This press release does not constitute an offer to buy or sell BPM’s shares.   The Offer will be launched in Italy and will be made on a non-discriminatory basis and on equal terms to all shareholders of Banco BPM S.p.A.. The Offer will be promoted in Italy as BPM’s shares are listed on the Euronext Milan organised and managed by Borsa Italiana S.p.A. and, except for what is indicated below, is subject to the obligations and procedural requirements provided for by Italian law.   The Offer is not as of today being made in the United States (or will not be directed at U.S. Persons, as defined in Regulation S under the U.S. Securities Act of 1933, as subsequently amended (the “U.S. Securities Act”)), Canada, Japan, Australia or any other jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and any such offer (or solicitation) may not be extended in any such jurisdiction (“Other Countries”). The Offeror reserves the right to extend the Offer in the United States exclusively to certain professional investors who qualify as Qualified Institutional Buyers, as defined in Rule 144A under the U.S. Securities Act, by way of a private placement in compliance with United States federal laws and regulations concerning the offer of financial instruments and with United States laws concerning tender offers, insofar as applicable. Such potential extension of the Offer in the United States would occur by way of a separate offer document restricted to Qualified Institutional Buyers.   A copy of any document that the Offeror will issue in relation to the Offer, or portions thereof, is not and shall not be sent, nor in any way transmitted, or otherwise distributed, directly or indirectly, in the Other Countries.   Anyone receiving such documents shall not distribute, forward or send them (neither by postal service nor by using national or international instruments of communication or commerce) in the Other Countries.   Any tender in the Offer resulting from solicitation carried out in violation of the above restrictions will not be accepted. This press release and any other document issued by the Offeror in relation to the Offer do not constitute and are not part neither of an offer to buy or exchange, nor of a solicitation to offer to sell or exchange financial instruments in the United States or in the Other Countries. Financial instruments cannot be offered or sold in the United States unless they have been registered pursuant to the U.S. Securities Act, or are exempt from registration. Financial instruments offered in the context of the transaction described in this press release will not be registered pursuant to the U.S. Securities Act, and UniCredit does not intend to carry out a public offer of such financial instruments in the United States. No financial instrument can be offered or transferred in the Other Countries without specific approval in compliance with the relevant provisions applicable in such countries or without exemption from such provisions.   This press release may only be accessed in or from the United Kingdom who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 as forming part of United Kingdom law by virtue of 'European Union (Withdrawal) Act 2018, as amended, and who (i) have professional experience in investment matters under section 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Decree”); or (ii) are persons who have a high net worth and who fall within article 49(2)(a) - (d) of the Decree (the aforementioned subjects, jointly, the “Relevant Persons”). Any investment activity to which this document refers is available only to Relevant Persons.   Financial Instruments described in this press release are made available only to Relevant Persons (and any solicitation, offer, agreement to subscribe, purchase or otherwise acquire such financial instruments will be directed exclusively at such persons). Any person who is not a Relevant Person should not act or rely on this document or any of its contents.   Tendering in the Offer by persons residing in jurisdictions other than Italy may be subject to specific obligations or restrictions imposed by applicable legal or regulatory provisions of such jurisdictions. Recipients of the Offer are solely responsible for complying with such laws and, therefore, before tendering in the Offer, they are responsible for determining whether such laws exist and are applicable by relying on their own advisors. The Offeror does not accept any liability for any violation by any person of any of the above restrictions.