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GENERAL INFORMATION

This Web site is owned and maintained by Clessidra SGR S.p.A., located in Milan, Via del Lauro, 7 ("Clessidra").

1. Access to the Web site
The user, except in the case of a "U.S. Person" and "Qualified Purchaser", will need neither to register to the Web site nor to provide personal data to access to the information ("the Information") published in the site.

2. Amendments Changes and limitation of liability
Clessidra strives to controls and maintains accurately the Information contained in the Web site (including data, contents and images). Nevertheless, the Information can be subsequently subject to changes and new events can happen may occur which were not included in the Information published on the site. Although Clessidra SGR S.p.A. attempts to provide accurate, complete and up-to-date contents, the Information contained in the Web site has informational purposes only; Clessidra does not warrant the accuracy, currency or completeness of the Information or the reliability of any advice, opinion, statement, memorandum or other materials displayed on, or distributed through, this website. The Information set forth in this website may contain inaccuracies and typographical errors. You acknowledge that any reliance on any such advice, opinion, statement, memorandum or other materials shall be at your sole risk. thus Clessidra SGR S.p.A. makes no warranties as to whether information provided on or via this Web site is accurate, complete or up-to-date. Clessidra reserves the right, at its sole discretion, to change, modify, add or remove any portion of this website or these terms, in whole or in part, at any time. Changes will be effective when posted. Your continued use of the website after any changes are posted will be considered acceptance of those changes. Clessidra may also terminate, suspend or discontinue any aspect of this website, including the availability of any features of the website, at any time. Clessidra may also impose limits on certain features and services or restrict your access to parts or all of the website without notice or liability. Clessidra SGR S.p.A. reserves the right to correct, update, amend the Information at any time and without notice. Any third party operating on the basis of or in relation to the Information makes it at its own risk. Clessidra SGR S.p.A. declines any responsibility and will not be liable for damages or prejudice (in particular financial and commercial prejudice) deriving from access and/or using the Information contained in this Web site.

3. Web site Intellectual Property and Proprietary Rights
Pursuant to the present Terms of Use, Users acknowledge that all intellectual property rights, including, for instance, know how, source code, software, hardware, patents, trademarks, formulas, algorithms, models, database relating to the Web site and the Information are the exclusive property of Clessidra SGR S.p.A. In compliance with these Terms of Use, no right, except for the personal use right, is reserved for Users. Consequently, the Information is the exclusive property of Clessidra SGR S.p.A. and its reproduction, downloading, adaptation - in whole or in part - is forbidden. The Information, the trademarks and other Web site contents may not - in whole or in part - be copied, modified, reproduced, transferred, downloaded, published or distributed in any form without the prior written consent of Clessidra SGR S.p.A. and/or the companies they refer to.

4 Viruses
Although Clessidra SGR S.p.A. attempts to protect the Web site from viruses, it makes no warranties as to whether the site is free from viruses. Users must take appropriate measures to protect themselves from viruses before downloading the Information. In addition, Users must take appropriate measures and install an antianti-virus software to ensure that they do not load viruses on the Web site.

5 U.S.A. Security Securities Law
The information included in this web site does not represent an offer of securities for sale or solicitation of an offer to buy any securities in the United States. Securities may not be offered or sold in the United States in the absence of registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the Company and the management as well as financial statements.