Prospectus - Notowania

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RISK FACTORS
For further information, reference should be made to the Second Section, Chapter 5,
Paragraph 5.4.3.
4.3.3 Risks associated with the performance of the option rights market
The option rights on the Shares forming the subject matter of the Offer will only be
able to be traded on the MTA between January 11, 2010 and 22 January, 2010
inclusive, and on the Warsaw Stock Exchange (Gielda Papierów Wartościowych w
Warszawie SA) between January 14, 2010 and January 22, 2010 inclusive.
Nevertheless, these rights could present problems of liquidity, irrespective of the
Issuer or the amounts of said rights, since the sales requests may not be matched
adequately and in terms of timescales. The trading price of the option rights could be
subject to significant fluctuations in relation, among other things, to the performance
of the market price of the Shares and/or the disposal of the option rights on the market
by the shareholders entitled to do so.
4.3.4 Diluting effects
In the event of failure to fully exercise the option rights due them and fully underwrite
the Capital Increase, the shareholders who do not underwrite the shares due to them
will suffer a maximum dilution of their equity investment, in terms of a percentage of
the share capital, of 13.04%.
With regard to savings shareholders, the assignment to the latter of the option rights to
underwrite ordinary shares leads to a diluting effect on the equity investments held by
the holders of ordinary shares which, what is more, given the reduced quantity of
savings shares present as at the Date of the Prospectus, is not appreciable.
For further information, reference should be made to the Second Section, Chapter 9,
Paragraph 9.1.
4.3.5 Exclusion of the markets on which the Offer is not permitted
The Offer is exclusively reserved for the areas of Italy, Germany and Poland.
The Prospectus represents an offer of financial instruments in Italy as well as, further
to the procedure pursuant to Article 11.1 of the Issuers’ Regulations, in Germany and
Poland.
The Prospectus does not represent an offer of financial instruments in the USA,
Canada, Japan or Australia or in any other country in which said offer is not allowed
due to the absence of authorization from the competent authorities or applicable law or
regulatory exemptions (together with the USA, Canada, Japan and Australia, the
“Excluded Countries”).
The Shares and the related option rights have not been nor will they be registered in
accordance with Securities Act, nor in accordance with the corresponding legislation
in Canada, Japan, Australia and the other Excluded Countries and consequently cannot