PLEASE READ CAREFULLY THE FOLLOWING RESTRICTIONS AND CONDITIONS OF USE OF THIS SECTION OF THE WEBSITE

With reference to the tender offer launched by Fenice S.p.A. (the “Offeror”), pursuant to Articles 102 and following of the legislative decree 24 February 1998 No. 58 obligatory and totalitarian pursuant to Article 9 of the Bylaws of Zephyro S.p.A. (the “Offer”) on the ordinary shares, not yet owned by the Offeror (the “Shares”), it is highlighted that the Offer is addressed to all the owners of the Shares on equal conditions, but it is exclusively promoted on the Italian market, as the Shares are traded only on the multilateral system AIM Italia – Mercato Alternativo del Capitale organized and managed by Borsa Italiana S.p.A..

The Offer was not and it shall not be promoted by the Offeror in the United States of America, or in any other country subject to the jurisdiction of the United States of America (collectively the “United States of America”) – it was not and it shall not be addressed to a U.S. Person (as defined by the U.S. Securities Act dated 1933, as subsequently amended) – and it was not and it shall not be promoted in Australia, Canada, Japan and any country other than Italy in which this is not allowed without specific authorizations of the competent authorities (collectively the “Other Countries”), nor either by using other communication or international commerce means (including therein, for example, the postal network, the fax, the e-mailing, the telephone and the internet) of the United States of America or of the Other Countries, or whatever financial intermediaries structure of the United States of America or of the Other Countries, or through any of the national regulated markets of the United States of America or of the Other Countries.

Therefore, acceptance to the Offer by parties residing in countries other than Italy may be subject to specific obligations or restrictions as provided for by the applicable laws and regulations. It is the sole responsibility of the addressees of this Offer to verify the existence and applicability of any such provisions, using appropriate consultants and intermediaries, and to comply with such laws and regulations prior to accepting the Offer.

Acceptances of the Offer caused by solicitation activities carried out in violation of the limitations described herein shall not be accepted by the Offeror. The Offer document, the documents and information contained in this section of the website do not constitute and shall not be construed as an offer of financial instruments addressed to residents in the United States of America or in the Other Countries. Anyone who is in possession of the above mentioned documents shall abstain from distributing or transmitting, either directly or indirectly, in and/or from the United States of America and in and/or from the Other Countries or to a U.S. Person.

Anyone who intends to examine the Offer document and the other documents contained in this section of the website must read carefully and be fully aware of the information reported above. By clicking on the button “ ACCEPT ” (s)he declares and grants to have fully understood and accepted the limitations reported above and s(he) also declares not be a U.S. Person nor to be currently or residing in the United States of America, Canada, Japan, Australia and any of the other countries.