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Disclaimer Terms and Conditions

The terms and conditions of the bonds set out below do not constitute a prospectus nor do they constitute or form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, securities. The bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). These bonds may not be offered, sold or otherwise transferred, directly or indirectly, to United States Persons or in any jurisdiction in which offers or sales of the securities would be prohibited by applicable law (including in or into the United States of America, Italy, Canada and Japan) absent registration or an exemption from registration under the Securities Act or respective securities laws.