NEW PROSPECTUS - PUBLIC OFFERS

DISTRIBUTION OF ILLIQUID FINANCIAL PRODUCTS

QUALIFIED INVESTORS

MANDATORY INFORMATION OF THE INVESTEMENT

PROPOSAL PROSPECTUS - ACCESS TO S.A.I.V.A.

NEW ISVAP REGULATION N°32/09

QUALIFIED INVESTORS

With regards to the exemptions from the provisions on public offer and mandatory prospectus, a new exemption for qualified investors has been inserted within article 34-ter of the Issuers Regulation. Actually, even individuals as well as small and middle sized enterprises (SME) may be considered now as qualified investors. Article 34-quater states that the aforesaid subjects may fall within the definition of qualified investors, if they satisfy specific criteria and are registered within the register to be constituted with CONSOB.

Until the implementation of said register , the exemption may be applied to the above subjects, if provided that they request the issuers or intermediaries to be registered - under the aforesaid conditions - within the books specifically kept by the companies themselves (34-terdecies). For this purpose CONSOB provided a form for requesting registration within the companies' books, to be drafted in order to make sure that the requesting subject is actually conscious about satisfying the necessary conditions and intends to decline the protection provided by the public offer provisions.