Piaggio - Global IPO successfully completed

General Disclaimer

The ordinary shares (the "Shares") described in the attached Offering Circular have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the Shares may not be offered or sold within the United States without registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Shares are being offered and sold in transactions outside of the United States to non-U.S. Persons in reliance on Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). No requests to purchase the Shares will be accepted from U.S. Persons (as defined in Regulation S under the Securities Act). Terms and Conditions

I accept the terms and conditions set out below, and hereby represent and warrant that:
1) I am not a U.S. Person;
and
2) I am not within the United States of America.

I understand and agree that no offer and sale of securities is being made in the United States of America or to U.S. Persons and that U.S. Persons may not purchase Shares pursuant as described in the attached Offering Circular.

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