TRANSACTION PURPOSES. The Offerors aim at simplifying the Issuer’s ownership structure by acquiring its entire voting capita l and achieving the Delisting, thereby reducing the costs associated with the status of listed company and optimizing Target’s financial structure in the view of reducing its cost of capital going forward. In addition, the Voluntary Tender Offer on Saving Shares is aimed at: (i) simplifying the Issuer’s capital structure by having a single class of shares (which can be possibly achieved also through the conversion of Saving Shares into Target Ordinary Shares), and (ii) creating a liquidity event to the benefit of Target saving shareholders, taking also into consideration that the sell out/squeeze out procedures set out under the Italian Financial Act - referred to under paragraph 3 above - do not apply to savings shares. For a more detailed description of the VTOs purposes please see the VTOs Document to be prepared and made available to the public within the time limits and methods provided by law.
