  Required Declaration - Outcome
On the basis of the declarations submitted, you fail to meet the requirements for access to Documentation pertaining to the Offer selected. We remind you that the Bonds have not been and will not be registered pursuant to the United States Security Act of 1933, as amended, or pursuant to any financial regulations in any of the States of the United States of America.
Neither the US Securities and Exchange Commission nor any other supervisory authority of the United States has approved or denied approval of the Issue and/or Offer of the Bonds or pronounced itself as to the accuracy or inaccuracy of the Prospectus. The present Offer is made exclusively in Italy. The present Offer is not made in the United States or in the regards of any American citizen or person residing in the United States or subject to taxation in the United States and the Documentation pertaining to the Offer shall not be distributed in the United States.
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